GOLD FIELDS Integrated Annual Report 2024
1
2024
Gold Fields Limited
Integrated Annual Report
Creating enduring value
beyond mining
Contents
GOLD FIELDS Integrated Annual Report 2024
2
About this report
3
Who we are
5
Our purpose, strategy and values
6
Where we operate
7
Our business model
8
Maintaining good governance
10
Chairperson’s report
11
Summarised governance report
13
Our business and strategy
18
Chief Executive Officer’s report
19
Our operating environment
23
Our stakeholders
24
Material matters
27
Risks and opportunities
28
Our commitment to responsible
mining
37
Building a safe and respectful
workplace
38
Host communities
46
Governments
52
Environmental stewardship
57
Our performance
65
Production and cost performance
66
Financial performance
68
Performance of our operations
69
Mineral Resources and Mineral
Reserves summary
79
Exploration
82
Assurance
84
Administration and corporate
information
89
Chief Executive Officer’s report
19
Risks and opportunities
28
Building a safe and respectful workplace
38
Production and cost performance
66
Financial performance
68
Performance of our operations
69
About our cover
The cover photo of our 2024
Integrated Annual Report
(IAR) shows an employee at
our South Deep mine in
South Africa. The secondary
photo shows our Damang pit
in Ghana.
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Further information
available online
Further reading available
within this report
Our stakeholders
24
Host communities
46
Governments
52
Environmental stewardship
57
Strategic
pillar 1
Strategic
pillar 2
Strategic
pillar 3
Chief Executive Officer’s report
19
Mineral Resource and Mineral Reserves summary
79
Exploration
82
Discussion of our strategic pillars
Deliver safe, reliable and
cost-effective operations
Deliver positive social and
environmental impact
Grow the value and quality
of our portfolio of assets
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
About this report
Our reporting suite provides our stakeholders – including our providers of capital – with Gold Fields’ (Gold Fields, the Company or the Group) progress against strategic
plans, as well as our long-term prospects, as we create sustainable value for all stakeholders.
Reporting scope and boundary
Our 2024 IAR provides a detailed view of Gold Fields’ performance for
the financial year ended 31 December 2024. It reflects on the Group’s
operational, financial and non-financial performance against our three
strategic pillars (p6) and how this created, preserved or eroded value
for our key stakeholders (p24).
Our financial reporting boundary includes the financial performance
of our subsidiaries, joint ventures (JVs) and investments. It includes
material information relating to our nine mines in Australia,
South Africa, Ghana, Chile and Peru, as well as our Windfall project in
Canada. In March 2024, the divestment of our 45% stake in Asanko
Gold Mine in Ghana was finalised. All relevant information for 2024
is still included in this report. We detail our geographical footprint
on p7.
We have also included any material events after year-end and up to
the Board approval date of 27 March 2025.
The term “attributable” as it relates to production refers to 100% of our
operations except for Gruyere (50%), South Deep (96.4%), Damang
(90%), Tarkwa (90%) and Cerro Corona (99.5%). The term “attributable”
as it relates to Mineral Reserves and Mineral Resources refers to 100%
of our mines and projects, except for Gruyere (50%), South Deep
(90.3%), Damang (90%), Tarkwa (90%) and Cerro Corona (99.5%). The
term “managed” relating to production and Mineral Reserves and
Mineral Resources refers to 100% of our mines and projects, except
for Gruyere (50%). The net debt:EBITDA ratios mentioned refer to
adjusted EBITDA, and we present Group and mine All-in costs (AIC)
and All-in sustaining costs (AISC) in terms of the original World Gold
Council (WGC) interpretation.
Unless stated otherwise, non-financial data included in the
report relates to eight operating mines and excludes
Salares Norte (which has not yet achieved commercial levels of
production) and the Windfall project. Socio-economic development
(SED) spend includes spend by the South Deep trusts and the Gold
Fields Ghana Foundation.
We used average exchange rates of R18.33/US$1, US$0.66/A$1 and
US$0.73/C$1 for 2024 (2023: R18.45/US$1, US$0.66/A$1 and US$0.74/
C$1; 2022: R16.37/US$1 and US$0.69/A$). We use guidance exchange
rates of R18.50/US$1, US$0.66/A$1 and US$0.71/C$1 for 2025.
No information has been restated from previous reporting periods
unless otherwise specified.
Reporting landscape
In preparing this IAR, we applied and complied with the following
frameworks, standards and acts:
• Integrated Reporting Framework
• Companies Act No 71 of 2008, as amended (Companies Act)
• Johannesburg Stock Exchange (JSE) Limited Listings Requirements
• New York Stock Exchange (NYSE) Listings Requirements
• United States (US) Securities and Exchange Commission (SEC)
• King IV Report on Corporate Governance for South Africa 2016
(King IV)1
• International Financial Reporting Standards (IFRS) Accounting
Standards
Our non-financial data has been published in accordance with the
Global Reporting Initiative’s (GRI) Universal Standards. We consider
that this IAR, together with additional documents available on our
website, complies with the requirements of the GRI Standards.
See our disclosures in accordance with the GRI Standards at
www.goldfields.com/sustainability-overview.php
We comply with the ICMM’s Sustainable Development Framework,
Mining Principles, Performance Expectations and Position Statements.
Our compliance with ICMM is addressed throughout this report and on
our website, and details:
• How our sustainable development policies, management standards
and procedures align with the ICMM’s Mining PrinciplesRA
• How we identify specific sustainable development risks and
opportunities based on our review of the business and expectations
of its stakeholdersRA
• The systems and approaches we implemented to manage the
sustainable development risks and opportunities identifiedRA
• Our performance across the identified material sustainable
development risks and opportunitiesRA
• Our prioritisation process for validation of Performance
ExpectationsRA
Our ICMM Mining Principles and Performance Expectations
conformance self-assessment is updated annually and can be
accessed in the ESG databook. Our ICMM Mining Principles and
Performance Expectations’ Self Assessment and Independent
Validation Statement report can be accessed here.
We take our commitment to producing gold in a responsible way
seriously. To demonstrate this, we rejoined the WGC in January 2022
and endorse the Responsible Gold Mining Principles and conform with
its Conflict-Free Gold Standard.
Our Conformance Statement to the Conflict-Free Gold Standard,
along with independent external assurance is reviewed and
updated annually. It can be found here.
We completed our inaugural WGC Responsible Gold Mining
Principles Conformance self-assessment in 2024, which we will
continue to review and update annually. The self assessment is
included in our ESG databook. The independent external
assurance will be disclosed on our website.
1 Copyright and trademarks are owned by the Institute of Directors South
Africa NPC and all of its rights are reserved
GOLD FIELDS Integrated Annual Report 2024
3
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
About this report continued
Materiality
The content of this report is guided by the Group’s key material themes
and material matters, which could substantively impact the Group’s
ability to create value in the short, medium and long term. We review
and update our GRI-aligned materiality analysis annually to identify and
confirm these matters.
Refer to p27 for more information on how we determine our
material themes and material matters.
Assurance
PwC Inc. provided independent reasonable assurance opinion
(RA) over key sustainability information in this report, which is
prepared in accordance with the GRI Universal Standards. As a
member of the ICMM, we are committed to obtaining assurance
in line with the ICMM Assurance and Validation Procedure. The
key sustainability performance data assured by PwC Inc. in
2024 is detailed on p85 – 87.
Board approval
We are committed to disclosing accurate information that our
stakeholders can use in their decision-making. The preparation of this
report was led by senior management, with oversight from our
Executive Committee and Board of Directors (Board). The IAR was
submitted to the Group’s Audit Committee for review, who
recommended it to the Board for approval.
Gold Fields’ Board of Directors acknowledges its responsibility to
ensure the integrity of the 2024 IAR. The Board believes this report
addresses all matters that could materially impact the Group’s ability
to create value over the short, medium and long term, including
Gold Fields’ strategic objectives.
The Board is also of the opinion that this report materially complies
with the Company’s Memorandum of Incorporation, the relevant
statutory and regulatory requirements – particularly the Integrated
Reporting Framework, IFRS Accounting Standards and the
Companies Act.
The Board unanimously approved the 2024 IAR on 27 March 2025.
Yunus Suleman
Chairperson
To view our disclaimer on forward-looking statements contained
in this IAR, visit www.goldfields.com/disclaimer.php
Refer to our website for the definitions used in preparing assured
information: https://www.goldfields.com/sustainability-
performance.php
For our glossary of terms, refer to p150 – 157 of the Annual
Financial Report.
Reporting suite
Integrated Annual Report
Our primary report to stakeholders, detailing the Group’s value
creation story over time
Governance and Remuneration Report
Outline of our governance philosophy, remuneration policies and
implementation approach
Notice of Annual General Meeting
The resolutions to be tabled to shareholders at our Annual General
Meeting (AGM)
Annual Financial Report
Our Directors’ Report, Audit Committee Report and Annual Financial
Statements, fulfilling our statutory financial reporting requirements
Mineral Resources and Mineral Reserves Supplement
Detailed technical and operational information relating to our mines
and growth projects
Climate Change and Environment Report
Our Climate Change and Environment Report in alignment with the
recommendations of the Task Force on Climate-related
Financial Disclosures (TCFD)
Report to Stakeholders
An overview of our contributions to our key stakeholders, as well as
recent developments impacting these relationships
GRI Content Index
GRI Content Index cross-references to the ICMM Principles, United
Nations (UN) Global Compact Principles, UN SDGs and the Value
Reporting Foundation (to be published in April 2025)
Form 20-F
Our annual report on Form 20-F filed with the US SEC as a foreign
private issuer trading on the NYSE
Gold Fields’ reporting suite can be accessed online at
www.goldfields.com/2024-annual-report-suite.php and is also
available in PDF format.
GOLD FIELDS Integrated Annual Report 2024
4
United Nations Sustainable Development Goals
As a responsible gold miner, we believe we can create lasting
socio-economic value for our people, host communities and
governments. The Sustainable Development Goals (SDGs) –
a universal call to action to end poverty, protect the planet and
ensure that by 2030 all people enjoy peace and prosperity –
are key to our purpose of creating enduring value beyond
mining. While we recognise the equal importance of all
17 SDGs, we prioritise 12 where we believe we have the
greatest ability to deliver meaningful impact.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
GOLD FIELDS Integrated Annual Report 2024
5
Salares Norte, in Chile’s Atacama province, is the newest mine
in the Gold Fields portfolio
Our purpose, strategy and values
6
Where we operate
7
Our business model
8
In this section
Who we are
Gold Fields is a globally diversified gold producer with nine mines in Australia,
South Africa, Ghana, Chile and Peru, and one project in Canada.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Our purpose, strategy and values
GOLD FIELDS Integrated Annual Report 2024
6
These elements drive our behaviour as we
work to share the value created by our
activities with our stakeholders.
Why we exist
Gold Fields is a global gold mining company
with a purpose to create enduring value
beyond mining in everything we do. This is
the legacy we want to leave, and we aim to
create positive and sustainable value for
employees, communities, capital providers,
governments and business partners that
will last beyond the closure of our mines.
Strategic
pillar 1
Strategic
pillar 2
Strategic
pillar 3
Deliver safe, reliable and
cost-effective operations
Deliver positive social and
environmental impact
Grow the value and quality
of our portfolio of assets
In simple terms, we want to get the most out of our current
mines through safe, predictable, cost-effective and responsible
production. We use innovative ideas and technology, and
leverage the expertise of our people to maximise the potential
of the mines we currently own.
Sustainability has long been part of Gold Fields’ way of doing
business, and we have sought to integrate environmental,
social and governance (ESG) matters into the operational and
financial management of our operations. We strive to take care
of the environment while we mine, create value for our
stakeholders, meaningfully invest in our host communities and
adhere to the highest ethical standards.
We continue to improve the quality of our portfolio by adding
low-cost, long-life assets that will enable us to create value
sustainably, through the cycles. Simultaneously, we are
investing in our existing operations to ensure their continued
sustainability, productivity and longevity.
How we will measure ourselves
Our 2035 aspirations
Safety and wellbeing
We have eliminated serious injuries and
fatalities and, delivering on our commitment
that everyone goes home safe and well and
are enhancing quality of lives.
People culture and capability
We are a diverse and inclusive team, proudly
embodying the Gold Fields values and culture.
Together, we grow our capabilities and
potential to deliver meaningful impact.
Social and environmental performance
We are consistent in delivering on our
sustainability commitments. Our communities
and stakeholders recognise and trust us for
our purpose-led social impact and nature-
positive performance that aims to enhance
lives.
Safe, reliable, cost-effective operations
Our operations and projects are safe, reliable
and cost effective, and are being operated to
their full potential for value.
Asset quality
We deliver strong returns and actively improve
and grow the value and quality of our portfolio
through acquisition, discovery, development,
divestment and closure of operations.
Results
Our strategy has and will continue to deliver
leading social and financial results and our
communities and stakeholders are sharing in
our success.
Our values underpin everything we
do, every day, to deliver safe reliable
production, and guides our behaviour
as we built a high-performance
culture welcoming to everyone.
Explore strategic pillar 1 on p19, 28 – 45, and 66 – 78.
Explore strategic pillar 2 on p24 – 26, and 46 – 64.
For more information on our portfolio and growth
strategy, refer to p82. Explore strategic pillar 3 on p19
and 79 – 83.
How we will get there
Our strategic pillars
How we will act along the way
Our values
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Where we operate
GOLD FIELDS Integrated Annual Report 2024
7
Chile
Salares Norte, our newest
copper-silver mine, will be
among the prospective lowest-
cost mines globally.
Salares Norte: Gold-silver open-
pit mine with 11-year LOM
Peru
Cerro Corona – located high in
the Andes mountains – is the
only mine in our portfolio with
copper as a by-product.
Cerro Corona: Open pit with
gold-copper flotation plant with
six-year LOM
South Africa
South Deep is one of the
deepest, bulk-mechanised mines
in the world, and one of our four
multi-decade assets, with
substantial resources and a long
life.
South Deep: Underground
operation with 85-year LOM2
Australia
Our mines in Australia account
for almost half of Group
production, and comprise low-
cost, long-life mines. We also
have a strong pipeline of
projects to ensure Mineral
Reserves replacement and life
extension.
Gruyere: (50/50 JV with Gold
Road Resources) One active
open-pit operation and an
eight-year LOM
Granny Smith: One active
underground operation with
10-year LOM
Contribution to Group
attributable production
Canada
The Windfall project is among
the largest gold deposits in
Canada, and the top 10 gold
deposit globally by head grade.
Windfall: Underground gold
project. Development dependent
on environmental approval and
feasibility study1
Gold Fields is a globally
diversified gold producer with
nine mines in Australia, South
Africa, Ghana, Chile and Peru,
and one project in Canada.
We had total attributable
annual gold-equivalent
production of 2.1Moz in 2024,
Proved and Probable gold
Mineral Reserves of 44.3Moz,
and Measured and Indicated
Mineral Resources of
30.4Moz (excluding Mineral
Reserves (EMR)) and Inferred
Mineral Resources EMR of
11.6Moz.
Our shares are listed on the
JSE and our American
depositary shares trade on
the NYSE.
2024
2023
Safety
Fatal incidents
2
2
Serious injuries
3RA
6
Workforce
Employees
6,5606
6,297
Contractors
16,330
15,229
Attributable production (koz)
2,071
2,304
AIC (US$/eq-oz)
1,873
1,512
Adjusted free cash-flow (FCF)
(US$m)3
605
367
Gold Mineral Resources (Moz)4
42.00
40.50
Gold Mineral Reserves (Moz)5
44.30
44.60
Carbon emissions (kt CO2e)
2,455
2,582
Gender diversity (% of total)
25RA
25
Life-of-mine (LOM) is as of 31 December 2024,
reported under the SAMREC Code and the
US SEC’s S-K regulation, and only includes
Mineral Reserves
1 LOM to be determined after feasibility
studies
2 Based on a maximum Reserve scheduled
production of 11 tons of gold per year
3 Cash-flow from operating activities less
net capital expenditure, environmental
payments and lease payment
4 Attributable, Measured, Indicated and
Inferred Gold Mineral Resources EMR,
excluding Asanko
5 Attributable Proved and Probable gold
Mineral Reserves, excluding Asanko
6 Includes Windfall
Ghana
We have two operations in
Ghana, including Africa’s largest
open-pit gold mine.
Tarkwa: Open-pit mine with
11-year LOM
Damang (currently processing
stockpiles)
St Ives: Two underground and two
open-pit active operations, with
nine-year LOM
Agnew: Three active underground
operations with five-year LOM
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Our business model
Inputs
Resource constraints
The resources we rely on
Human capital (p38)
The collective knowledge, skills and expertise of our employees and contractors.
• 6,560 employees (2023: 6,297) and 16.330 contractors (2023: 15,229)
• US$12.3m spent on training and development (2023: US$8.8m)
• US$498m paid in wages, benefits and bonuses (2023: US$453m)
• A refined organisational structure to provide stronger functional leadership, guidance and support to our operations
• A culture that encourages us to be one, caring, inclusive and empowered team; create a safe and respectful workplace;
encourages us to work together; and unlocks potential through learning and innovation
•
Maintaining a workplace culture that holds safety, diversity and inclusivity, and respect at
its core
•
Attracting, developing and retaining top skills in a highly competitive environment
•
Employing and developing people from our host communities
•
Ensuring we have the right leadership skills and succession planning in place to deliver
on our strategy
Intellectual capital (p38)
The intellectual assets that inform our strategic objectives, drives innovation and efficiencies, and supports risk management.
•
US$1,930 per employee invested in training (2023: US$1,400)
•
An asset optimisation (AO) programme aimed at identifying opportunities across the business
•
Group-wide job architecture detailing knowledge, skills, qualifications, behavioural and technical competencies required for all roles
•
Retaining the right skills, experience and knowledge to meet the needs of an increasingly
mechanised, modernising and automated mining industry
•
Ensuring a well-balanced and effective Board, through succession planning for non-
executive directors (NEDs)
Natural capital (p57)
We rely on access to land to extract gold, copper and silver resources, and on water security and reliable energy supply for our mining
and processing activities.
•
44.3Moz gold attributable Mineral Reserves (2023: 44.6Moz)
•
42.0Moz gold attributable Mineral Resources EMR (2023: 40.5Moz)
•
14.4PJRA energy consumed (2023: 14.0PJ)
•
18.0GLRA water withdrawn (2023: 18.3GL)
•
Mitigating our greenhouse gas emissions and managing the impact of climate change on
our operations and host communities
•
Reducing Group carbon emissions cost-effectively and increasing renewable energy
sources while maintaining business sustainability
•
Operating in water-stressed regions and securing a steady power supply while managing
the increased cost of energy
•
Replacing depleted Mineral Reserves
Social and relationship capital (p46)
The quality of our stakeholder relationships supports our sustainability and licence to operate.
•
Distributed US$4.2bnRA to national economies, of which 35%RA (US$1.27bnRA) remained with our host communities
•
US$16.61mRA invested in SED programmes and projects in our host communities (2023: US$17m)
•
2,052 stakeholder engagements with our host communities and governments (2023: 2,042)
•
Extensive one-on-one engagements with our shareholders, bond investors and analysts
•
Addressing the trust gap between governments, communities and mining companies
•
Navigating skills constraints in host communities as we seek to source employees from
these communities
•
Sharing access to water with neighbouring communities
•
Navigating pressures on companies to address major societal issues
•
Managing constraints in local government capacity and resources in emerging countries
Financial capital (p66)
Banks, shareholders and bondholders provide our financial capital, on top of the cash generated by our operations, which enables us to
create value across all capitals.
• US$5,367m total equity (2023: US$4,620m)
•
US$605m adjusted FCF generated (2023: US$367m)
•
Sustainability-linked loans to refinance a US$1.2bn revolving credit facility and extend a A$500m syndicated credit facility
•
Managing the impact of market sentiment and geopolitical developments on key cost
drivers
•
Investing in our mines to ensure safe, reliable and cost effective production while
concurrently investing in their growth and extension of life
•
Considering strategic investment and divestment opportunities
Manufactured capital (p69)
Our mines and our ongoing investment in machinery, equipment, technology, and information and communications technology
infrastructure enable us to deliver our products.
•
Nine operating mines and one project
•
US$1,183m capital expenditure (capex) (2023: US$1,055m)
• US$849m sustaining capital and US$334m growth capital (2023: US$692m; US$363m)
•
Maintaining and monitoring ageing infrastructure at our older mines
•
Modernising and digitising our mines while reducing costs
•
Ensuring our people are equipped to work in an increasingly automated and digitised work
environment
GOLD FIELDS Integrated Annual Report 2024
8
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Our business model continued
GOLD FIELDS Integrated Annual Report 2024
9
Business processes
How we create value
Outputs
What we produce
Our diversified portfolio across six
countries creates value through:
2.07Moz
attributable gold-
equivalent production
(p66)
(2023: 2.30Moz)
22kt
attributable copper
production (p79)
(2023: 27kt)
145koz
attributable silver
production (p86)
138Mt
mining waste produced
1,632kt
CO2
Scope 1 and 2 emissionsRA
(p59)
Exploration
Our near-mine and selected greenfields
exploration, some of which are in
partnership with junior miners, focuses on
resource extension to enhance the long-
term sustainability of our portfolio.
Development
We invest in developing projects that
improve the cost and production profile of
our portfolio.
Mining
We extract gold, silver and copper-bearing
ore from open-pit and underground mines
through mechanised processes – either by
our own teams or by contractors.
Processing
We generate additional value through the
physical and chemical processing of ore,
which results in semi-pure gold doré and
copper-gold concentrate. The doré is
externally refined into gold bullion.
Mine closure
We seek to responsibly manage mine closure
and optimise our closure liabilities through
integrated closure planning and progressive
rehabilitation. Post-closure social and
economic sustainability requires consultation
with and investment in impacted communities
during the LOM.
Outcomes
The value we create, preserve or erode
Positive outcomes
Negative outcomes
Being addressed
Strategic
pillar 1
Strategic
pillar 2
Strategic
pillar 3
Two fatalities, and a further non-operational
fatality that occurred off-site
ZeroRA new cases of Silicosis submitted to
health authorities
ThreeRA serious injuries
Continued investment in South Deep, South
Africa’s largest bulk, mechanised,
underground gold mine
Increased use of real-time data and artificial
intelligence (AI) to analyse it, enabling
decisions that facilitate safer and more
productive mines
Increased use of remote mining and collision
avoidance at South Deep, and our Ghanaian
and Australian mines, which remove people
from potentially dangerous areas
US$510m paid in interest and dividends
24% increase in AIC, largely due to lower
gold sold, additional gold inventory charges,
higher sustaining capex and increased
royalties
Net debt increased to US$2,086m, but still
below our target
Shareholder return of 26.5% over the five-
year period to 31 August 2024 (dividends
reinvested) – number 7 ranking in the
Sunday Times Top 100 companies award
Total dividend of R10/share
South Deep’s backfill issues in H1 2024
slowed production, but recovered in H2
Zero serious environmental incidents,
maintaining the trend since 2018
Recycled/reused 74%RA of water withdrawn
and reduced our freshwater withdrawal by
23% against a 2018 baseline
Achieved an A- score in the CDP’s Water
Disclosure Project
Achieved greater energy supply security and
reduced energy costs
1,632kt CO2eRA Scope 1 and 2 emissions –
4% below the 2016 base year
The Board approved a renewable power
project at St Ives – the largest in the Group’s
portfolio. Construction started in mid-2024
Commenced construction to expand Granny
Smith’s solar plant
Obtained approval for the environmental
impact assessment for in-pit tailings
deposition at Cerro Corona
All mines implemented at least 80% of their
progressive rehabilitation plans
41 community grievances, of which 92%
were resolved within the agreed timeframe
52%RA of our workforce are from host
communities
41%RA (or US$1,121mRA) of total procurement
costs spent with host community enterprises
11,017 in host community mining value chain
jobs
US$662mRA paid to governments in taxes,
royalties and dividends
25%RA of our employees are women,
including women in leadership (2023: 25%)
against a target of 30% by 2030
Salares Norte commenced production and
delivered first gold – a significant milestone
in a 13-year journey
Invested US$84m in near-mine exploration
(including the Windfall project)
Acquired 100% of the outstanding shares of
Osisko Mining, giving Gold Fields full
ownership and control of the Windfall project
and its entire exploration district
Delay in obtaining the requisite approvals
from the government of Ghana to move
ahead with the proposed Tarkwa/
Iduapriem JV
Mineral Reserves down 0.7% net of depletion
US$641m in gross mining closure liabilities
(including the Windfall project)
Investment in junior miners to expand
greenfields exploration
Disposal of non-core assets, including a 24%
interest in Rusoro and a 45% in Asanko
Deliver safe, reliable
and cost-effective
operations
Deliver positive social
and environmental
impact
Grow the value and
quality of our portfolio
of assets
SDGs affected
Capitals affected
SDGs affected
Capitals affected
SDGs affected
Capitals affected
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
GOLD FIELDS Integrated Annual Report 2024
10
Employees, a revegetated tailings dam and a pit at our Tarkwa and Damang
mines in Ghana
Chairperson’s report
11
Summarised governance report
13
Board of Directors
14
Our governance structure
16
Key Board focus areas for 2024
17
In this section
Maintaining good
governance
Gold Fields’ foundation is built on strong ethics, fostering a culture of integrity
and transparent reporting to strengthen trust, enhance our reputation and
create sustainable value.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Chairperson’s report
Dear stakeholders
During 2024, the Board continued to provide oversight over
delivery of the Company’s strategy, which has three priorities: to
deliver safe, reliable production; deliver positive social and
environmental impact; and improve the value and quality of the
Gold Fields portfolio.
Tragically, we were once again not able to eliminate serious injuries
and fatalities. We recorded one non-operational and two
operational fatalities, Khathutshelo Khaukanani from South Deep
and Eli Kelly from St Ives, during the year, and our condolences go
out to the families, friends and colleagues of those who passed
away. There is now a stronger impetus for improvement, and the
Board and management remain deeply committed to delivering on
our safety guarantee to our people.
Supported by the Board, the Group’s management team initiated a
comprehensive, independent review of our safety processes and,
subsequently, started implementing a comprehensive safety
improvement plan. We are already seeing early results – but, as
always, we need to remain vigilant.
Our commitment includes the psychological health and wellbeing
of our people, which is key to building safer, more inclusive and
respectful workplaces.
The Board is confident that the range of programmes and actions
being undertaken to address the concerning findings of the
independent culture review conducted by Elizabeth Broderick &
Co (EB&Co), concluded in 2023, are making an impact. We will
continue monitoring the Group’s progress against these
commitments.
Responsible mining is fundamental to how Gold Fields does
business. As such, we have sought to integrate environmental and
social matters into our operational management. Our guiding
principles are to create value for our stakeholders, meaningfully
invest in our host communities, take care of the environment, and
adhere to the highest ethical standards.
We sought to embed these priorities in the Group’s strategy
because they are key to the sustainability of the business and lead
to better outcomes for our stakeholders.
Our investment in renewable energy sources, for example,
ensures security of electricity supply to our operations in Australia
and South Africa and will lead to lower energy costs in the long
term. Similarly, seeking out and retaining a diverse and talented
workforce widens the pool from which we can draw the right skills
and experience to support our business. Business practice has
shown that it also leads to better decision-making, increased
innovation and, ultimately, better outcomes for our stakeholders.
At a time when concepts such as ESG and diversity, equity and
inclusion are facing scrutiny in certain jurisdictions, the Board and
management reaffirm our commitment to these matters.
Turning to the Company’s financial and operational performance,
regrettably, we had to revise our production and cost guidance
twice in 2024, and the market held us accountable for this. While
we successfully met our annual revised guidance with an
improved production performance in H2 2024, the Board has
stressed the imperative that Gold Fields upholds its strong track
record of consistently delivering on guidance.
Salares Norte was a particular focus of the Board and
management’s attention after revising its production forecast
multiple times since 2023.
Clearly the adverse weather conditions experienced in northern
Chile made the start-up difficult, but we are pleased to see that the
ramp-up that commenced in September 2024 is finally on track to
deliver steady-state production by Q4 2025 and for the full year in
2026. This will come with costs which should markedly lower the
Group average.
Pleasingly, the strong second half performance of the portfolio
enabled the Company to generate solid cash-flows and reward
shareholders with a record dividend of R10/share.
Looking ahead, the Board believes Gold Fields presents a
compelling long-term investment opportunity for current and future
investors. It offers near-term growth alongside a strong pipeline of
development and exploration projects that we believe will deliver
sustainable returns for this decade and beyond.
The Group’s multi-decade assets – St Ives, South Deep, Tarkwa
and Windfall – have sufficient Mineral Reserves and Mineral
Resources to underpin production well into the mid-2030s. With
Tarkwa’s proposed JV with Iduapriem and the Windfall project’s
pending environmental approval and Board endorsement, all four
assets are expected to remain significant contributors to our
portfolio for well over a decade.
GOLD FIELDS Integrated Annual Report 2024
11
“The Board believes Gold Fields presents a compelling long-
term investment opportunity for current and future investors.
It offers near-term growth alongside a strong pipeline of
development and exploration projects that we believe will
deliver sustainable returns for the decade and beyond.”
Yunus Suleman
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Chairperson’s report continued
The newest mine in our portfolio, Salares Norte, has the potential
to become a multi-decade asset if ongoing exploration efforts
successfully identify additional Mineral Resources to extend its
current 11-year LOM. Further growth potential exists at the Windfall
project, which was acquired with an extensive exploration
portfolio.
Beyond this, the Group’s growth strategy is aimed at maintaining a
production profile of 2Moz – 3Moz well into the next decade. This
will be achieved through a focus on greenfields and brownfields
exploration, coupled with bolt-on mergers and acquisitions (M&A).
The acquisition of Osisko Mining during 2024, which consolidated
control of the highly prospective Windfall project, and the
proposed Tarkwa/Iduapriem JV are examples of the bolt-on
merger approach the Board is encouraging to ensure the longer-
term growth of the portfolio.
In determining future investments, the Board applies the Gold
Fields Capital Allocation Framework, which prioritises maintaining
the Company’s investment grade credit rating, spending the
necessary capital to ensure safe and reliable production, and
paying a base dividend. Only after these priorities are met will
discretionary growth investments be considered – and even then,
these investments will be weighed against offering additional
returns to shareholders.
As the Group’s strategy, growth and context evolve, it is critical
that Gold Fields’ leadership, both at Board and at senior
management level, reflect these changes.
It is therefore critical that we proactively implement structured
succession plans, both at Board and at executive level, to ensure
the integration of fresh perspectives and diverse expertise into our
leadership structures. In making appointments, the Board also
seeks to ensure adequate diversity in race, gender, culture, age,
skills, and geographic and academic backgrounds.
During 2024 and in early 2025, the Board revised its committee
structures and memberships to oversee and support management
in delivering our strategy. In August 2024, we appointed two
NEDs, Zarina Bassa and Shannon McCrae, to strengthen the
Board’s financial, as well as mining and geological, expertise.
Our work continued in 2025, with the February announcement
that two long-serving members of the Board, Steven Reid and
Peter Bacchus, will retire at the Company’s AGM in May 2025.
As a result of their retirement, further changes to Board committee
memberships are being instituted.
For more information on proposed changes to committee
composition effective 28 May 2025, refer to p20 of our
Governance and Remuneration Report.
Several critical leadership changes also took place at executive
level. Notably, on 1 January 2024, Mike Fraser assumed the role
of Chief Executive Officer (CEO), succeeding Martin Preece, who
was appointed Chief Operating Officer (COO). On 1 March 2025,
Alex Dall was appointed permanent Chief Financial Officer (CFO)
and executive director following his tenure as Interim CFO when
Paul Schmidt retired in April 2024.
Two other senior executive appointments were also announced
during the year, and the Board is confident this leadership team
will enable the delivery of leading operational, social and financial
results.
The Board also oversaw a critical change in Gold Fields’
organisational structure: the transition from a three-layered (Group,
regions, operations) structure to a two-layered (Group, operations),
functional guidance organisational structure. We believe this
change will deliver standardised ways of working and greater
agility as the Group portfolio expands into new jurisdictions. It has
already enabled stronger functional leadership, guidance and
support for our operations, which remain ultimately accountable
for safe, cost-effective and sustainable delivery.
The Company’s Remuneration Policy, as outlined in the
Governance and Remuneration Report, reflects our corporate
strategic priorities – in particular, our people policies and
approaches.
In conclusion, I would like to express my appreciation to my fellow
directors, many of whom have been on the Board with me for
several years. Secondly, I want to thank the executive leadership
team for keeping the ship steady amid some extensive internal
changes and a complex external environment.
Finally, I want to thank the almost 23,000 employees and
contractors of Gold Fields for ensuring we continue to create
enduring value for all our stakeholders.
Yunus Suleman
Chairperson
GOLD FIELDS Integrated Annual Report 2024
12
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Summarised governance report
Our Board serves as the Group’s highest governing body and is responsible for overseeing the execution of the Group’s strategy while upholding sound principles
of corporate governance; protecting our employees’ safety and wellbeing and our host communities’ interests; and acting as a responsible corporate citizen.
How good governance creates value
We believe good governance directly contributes to our sustainability as a business. The Board advances our
purpose – creating enduring value beyond mining – by supporting value creation through good governance
as set out below.
How our Board supports value creation
Setting the tone for a culture of integrity and responsible corporate citizenship that
are anchored in the Group’s purpose and values and reflected in how we make
decisions and reward performance.
Approving Gold Fields’ robust strategy, along with strategic direction and goals that
drive sustainability while balancing stakeholder interests.
Advancing fair remuneration by ensuring executive pay is equitable, responsible
and aligned with Gold Fields’ strategy, promoting business performance on a strong
cultural foundation.
Driving inclusive stakeholder engagement based on transparency and ongoing
consultation, as well as collaborative and informed decision-making, while also
overseeing our reporting and disclosure to allow stakeholders to make informed
assessments of our performance and impact.
Creating a safe and healthy work environment by upholding our guarantee that
everyone who works at Gold Fields goes home safe and well every day and
ensuring adequate oversight of physical and psychological safety.
Rigorously ensuring regulatory compliance and adherence to laws, regulations and
the adopted rules, codes and standards and the highest levels of corporate
governance.
Delivering on our commitment to sustainability, with an emphasis on overseeing
community impact and value creation, as well as health, safety and environmental
performance through Board committees.
We bolster our governance approach by aligning our processes, practices and structures with King IV and,
as set out on p3, we also subscribe to, align with or are a member of several other international standards
and guidelines.
Our King IV application register, which follows the disclosure and application approach, is included in our
Governance and Remuneration Report.
Ensuring we do business ethically
Gold Fields’ foundation is built on strong ethics, driven by our Board and committees, fostering a culture of
integrity, ethical decision-making and transparent reporting. We believe this foundation strengthens trust,
enhances our reputation and creates sustainable value.
We have robust mechanisms in place to ensure ethical conduct, regulatory compliance and the
entrenchment of good governance principles across the business.
1. Legal and compliance
We proactively manage legal, regulatory and reputational risks through a robust governance and compliance
framework. We review our legislative and regulatory environment, and conduct detailed risk assessments to
identify key focus areas. We implement robust controls to eliminate or mitigate identified risks and ensure
compliance.
2. Audit and risk
The Board determines the risk appetite for the Group, while management is responsible for defining the
measures that will be used to assess appetite status and embedding these in business performance
management and reporting. Our Risk Committee reviews management reports on the status of key risks and
opportunities, which are reported to the Board regularly. The Board supports management in ensuring that
risk exposures are maintained within appetite and in highlighting and addressing unacceptable exposures
where necessary. Our Audit Committee oversees the combined assurance process implemented by the Risk
and Internal Audit teams. The risk appetite guidance from the Board, along with management’s opinion on
key risk status, determines assurance priorities, and the internal audit team ensures that the necessary
internal controls are in place to maintain risk exposures to within appetite. The Audit Committee ensures the
integrity of Gold Fields’ accounting records and financial statements, and is supported by the Company’s
external auditors. PwC have been the Company’s auditor since 2019.
3. Code of Conduct and confidential hotline
Our Code of Conduct reflects Gold Fields’ values and shapes how we operate, and extends to our supply
chain. Employees receive the Code during onboarding and participate in training. Our Code of Conduct will be
comprehensively reviewed, refreshed and updated in 2025. A confidential hotline is available to all employees
and stakeholders across regions, backed by the Group’s Whistleblower Policy. During the year, we started a
review of our confidential hotline process to align to the current environment, integrate it with the Code of
Conduct, ensure secure incident reporting and promote effective and confidential handling of matters.
4. Commitment to leading practice
We uphold and promote continuous improvement in ethical, responsible mining and are guided by a range of
international standards and industry best practices. This includes, among others, legislation and regulations of
the countries in which we operate, the requirements of King IV, the UN Guiding Principles on Business and
Human Rights, and the requirements of the Task Force on Climate-related Financial Disclosures (TCFD).
GOLD FIELDS Integrated Annual Report 2024
13
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Board of Directors
as at 27 March 2025
Yunus
Suleman
Steven
Reid
Alhassan
Andani
Peter
Bacchus
Zarina
Bassa
Maria
Cristina Bitar
Terence
Goodlace
Shannon
McCrae
Jacqueline
McGill
Philisiwe
Sibiya
Carel
Smit
Mike Fraser
Alex Dall
Independent non-executive directors
Yunus Suleman (67)
Chairperson of the Board and the Nominating and Governance Committee
BCom, University of Durban Westville; BCompt (Hons), University of South
Africa (UNISA); CA(SA); CD(SA)
Appointed to the Board: Director, 2016; Chairperson, 2022
Steven Reid (69)
LID and Chairperson of the Remuneration Committee
BSc (Mineral Engineering), South Australian Institute of Technology; MBA,
Trium Global Executive; ICD.D, Institute of Corporate Directors
Appointed to the Board: 2016; to retire in May 2025
Alhassan Andani (64)
Chairperson of the Technical Committee
MA (Banking and Finance), Finafrica Institute, Italy; BSc (Agriculture),
University of Ghana
Appointed to the Board: 2016
Peter Bacchus (56)
Chairperson of the Risk Committee and the Strategy and Investment
Committee
MA (Economics), Cambridge University; member of the Institute of
Chartered Accountants, England and Wales
Appointed to the Board: 2016; to retire in May 2025
Zarina Bassa (60)
Independent NED
CA(SA); Postgraduate Diploma in Accounting, University of Durban
Westville; BAcc, University of Durban Westville
Appointed to the Board: 2024
Maria Cristina Bitar (55)
Independent NED
BA (Economics), Dartmouth College; MBA, Universidad de Chile and
Tulane University
Appointed to the Board: 2022
Terence Goodlace (65)
Chairperson of the Safety, Health and Sustainable Development (SHSD)
Committee
MBA (Business Administration), University of Wales; BCom, UNISA; NHDip
and NDip (Metalliferous Mining), Witwatersrand Technikon; MDP,
University of Cape Town
Appointed to the Board: 2016
Shannon McCrae (53)
Independent NED
BSc (Geology) (Hons), University of Western Ontario; P.Geo, Ontario;
ICD.D, Directors' Education Programme, Institute of Corporate Directors
Appointed to the Board: 2024
Jacqueline McGill (57)
Chairperson of the Social, Ethics and Transformation (SET) Committee
MBA, La Trobe University; BSc (Ext Metallurgy), Murdoch University;
Honorary Doctorate, Adelaide University
Appointed to the Board: 2021
Philisiwe Sibiya (48)
Chairperson of the Audit Committee
BCom (Hons), University of Natal; CA(SA)
Appointed to the Board: 2021
Carel Smit (62)
Independent NED
Higher Diploma in Tax Law, University of the Witwatersrand; BCompt and
CTA, University of the Free State; CA(SA)
Appointed to the Board: 2023
Executive directors
Mike Fraser (59)
CEO
BCom, MBL (Unisa), AMP (Harvard) GAICD
Appointed to the Board: executive director and CEO – 1 January 2023
Alex Dall (37)
CFO
CA(SA), Bachelor Business Science, PGDA, University of Cape Town
Appointed to the Board: Interim CFO – 2024; Executive Director and CFO
– 2025
Following Paul Schmidt’s retirement effective 30 April 2024, Alex was
appointed Interim CFO until his appointment as permanent CFO effective
1 March 2025.
Refer to our Governance and Remuneration Report for detailed CVs
of our Board of Directors.
GOLD FIELDS Integrated Annual Report 2024
14
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Board of Directors continued
Board profile (as at 27 March 2025)
Gold Fields’ Memorandum of Incorporation mandates a Board of between four and 15 directors. Currently,
the Board comprises 13 directors – two executive directors and 11 independent NEDs. Since the Company’s
inception in 1998, the Board has maintained a majority of independent NEDs.
Our Memorandum of Incorporation is available online.
Guided by the Nominating and Governance Committee, the Board appoints reputable individuals with
recognised competence, experience and a commitment to dedicating sufficient time to the Company as
independent directors. Each director offers relevant knowledge, technical expertise and business acumen,
ensuring independent judgement in Board discussions and decisions.
The Nominating and Governance Committee ensures the Board has adequate diversity in race, gender,
culture, age, field of knowledge, skills, experience, business expertise and geographic and academic
backgrounds. The Board strongly supports the Group’s diversity targets, including 30% female
representation among the workforce by 2030. The Board also adopted a Board Diversity Policy, which
commits to a target of 40% female representation at a Board level. We are currently at 38%.
The composition of the Board’s committees was reviewed and approved at the November 2024 and
February 2025 Board meetings.
Board size and turnover
Age
Tenure
Independence
Nationalities
GOLD FIELDS Integrated Annual Report 2024
15
Race diversity
Gender diversity
* African, Coloured and Indian
Director movement over
the past five years:
6 non-executive directors
appointed
4 non-executive directors
resigned or retired
4 executive directors
appointed
4 executive directors
resigned or retired
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Our governance structure
Board overview
The Gold Fields Board, as the Group’s highest governing authority, holds ultimate responsibility
for ensuring adherence to sound corporate governance standards. It oversees business
decisions and judgements, ensuring they are made with integrity, care, skill and diligence.
The Board’s objectives and responsibilities are outlined in its Charter. Each Board committee
operates in accordance with its terms of reference.
Composition of the Board
Board committees
Yunus Suleman
Chairperson
11 independent non-executive directors
Gold Fields has 11 independent NEDs who operate
independently of management. Their role is to monitor
and provide independent oversight, ensuring effective
governance and safeguard the interests of the
Company and its stakeholders – with a particular focus
on shareholders, including minority shareholders.
Yunus Suleman provides overall leadership to the
Board, ensuring collective responsibility for
decisions while recognising the individual duties
of Board members. He guides the Board’s focus
on strategic matters, oversees the Group’s
business, and upholds high governance
standards. Additionally, he plays a key role in
enhancing the effectiveness of the Board and its
directors. The roles of Chairperson and CEO are
distinct and remain separate.
Executive directors
Mike Fraser
Chief Executive
Officer
Steven Reid
Lead Independent
Director
Mike Fraser leads all aspects of the Group’s
operations by executing the strategy, focusing on
long-term goals, growth, profitability and maximising
return on investment.
Alex Dall
Chief Financial
Officer
Steven Reid provides leadership and counsel to
the Board, supporting but not undermining the
authority of the Chairperson.
In the Chairperson’s absence, inability to perform
duties, or when their independence is in question,
the Lead Independent Director steps in to fulfil
the Chairperson’s responsibilities as needed.
Following Paul Schmidt’s retirement on 30 April
2024, Alex Dall served as Interim CFO and was
appointed permanent CFO effective 1 March 2025.
Alex oversees all finance activities at Gold Fields,
including planning, implementation, budgeting,
forecasting, business planning and negotiations.
The Board assessed its 2024 performance and effectiveness through an internal assessment, which
concluded that it was fully functional and satisfactorily discharging its duties as set out in the Board Charter.
Refer to our Governance and Remuneration Report for more information on our governance structure.
GOLD FIELDS Integrated Annual Report 2024
16
Nominating and Governance
Committee
Yunus Suleman
Chairperson
Safety, Health and Sustainable
Development Committee
Terence Goodlace
Chairperson
Risk Committee
Peter Bacchus
Chairperson
The Committee oversees the Group’s corporate
governance framework, Board composition,
appointments and succession planning.
The Committee oversees the effectiveness of the
Company’s safety, occupational health and sustainable
development programmes. It keeps the Board
informed on objectives, compliance and standards.
The Committee monitors SHSD performance across
the Group, approves related policies and standards
and ensures operations align with national and
international regulations and best practices.
The Committee ensures effective risk management
policies and that strategies are in place to ensure
management identifies, manages and mitigates risks
with Board-approved risk parameters.
Audit Committee
Philisiwe Sibiya
Chairperson
Technical Committee*
Alhassan Andani
Chairperson
Strategy and Investment
Committee
Peter Bacchus
Chairperson
The Committee holds decision-making authority over
its statutory duties and is accountable to the Board and
shareholders. It oversees the Group’s financial affairs
and reporting, monitors the suitability and
independence of external auditors and ensures the
effectiveness of combined assurance and Group
Internal Audit.
The Committee monitors, reviews and evaluates
matters relevant to operational performance and
projects.
* Previously the Capital Projects, Control
and Review Committee
The Committee considers and recommends strategic,
organisational and structuring options for the Group to
the Board, including investment and divestment
opportunities.
Remuneration Committee
Steven Reid
Chairperson
Social, Ethics and
Transformation Committee
Jacqueline McGill
Chairperson
Executive
Committee
Mike Fraser
Chairperson
The Committee assists the Board in fulfilling its
responsibilities regarding the Company’s remuneration
practices and annual reporting, in line with applicable
rules and regulations. It ensures the Group’s
remuneration practices are fair, responsible and
equitable, with executive remuneration directly linked
to Group performance.
The Committee holds decision-making authority over
its statutory obligations and is accountable to the
Board and shareholders. It assists the Board in
overseeing social, ethics, security, labour,
transformation, community, anti-corruption, land
(in a social context), human rights and stakeholder
relationships.
The Executive Committee develops strategies and
policy proposals for Board consideration, reviews
Gold Fields’ performance against strategic objectives
and supports the Board in fulfilling the Group’s
disclosure obligations.
The Executive Committee is not a Board committee.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Key Board focus areas for 2024
Tragically, we fell short of our commitment to zero fatalities and serious injuries in 2024, with
two fatalities and three serious injuries at our operations. We extend our deepest
condolences to the families, friends and colleagues affected. The recurrence of serious
injuries and fatalities is unacceptable, prompting an independent review of our safety
leadership, processes and systems.
While the review highlighted strong practices, it also identified areas for improvement,
forming the foundation of our multi-year safety improvement plan. The Board remains
actively involved in overseeing the plan’s implementation and impact, supporting
engineering and technical solutions to enhance safety. Additionally, we continue efforts to
foster respectful and inclusive workplaces, with progress made on recommendations from
the 2023 Respectful Workplace review.
We made significant progress in 2024 in building a structured and well-resourced foundation
to achieve near-term targets and long-term aspirations. The Board oversaw a major
organisational shift from a three-layered model (Group, regions, operations) to a two-layered
global functional guidance model (Group, operations), which has been successfully
implemented with ongoing integration efforts. This new structure enhances functional
leadership, standardises operations and provides greater agility, as demonstrated by the
seamless integration of the Windfall project team.
Leadership was further strengthened by appointing Alex Dall as CFO, along with new
Executive Vice-Presidents (EVPs) in Sustainable Development and Strategy, Planning and
Corporate Development. These changes, alongside the appointment of CEO Mike Fraser
and four other EVPs in 2023, have created a geographically flexible leadership team. The
Board is confident this team is well positioned to enable the delivery of leading operational,
social and financial results and is working to ensure strong succession planning for key
roles.
In 2024, the Group revised its committee structures and memberships to enhance
governance effectiveness, ensure diversity of thought and strengthen oversight for long-
term value creation. We are implementing structured succession plans to integrate fresh
perspectives and expertise, including the appointment of NEDs, Zarina Bassa and Shannon
McCrae, in August 2024 to bolster the Board’s financial, geological and mining expertise.
A review of committee structures led to changes including the reconstitution of the Capital
Projects, Control and Review Committee as the Technical Committee and the transitioning
of the Strategy and Investment Committee to a permanent committee.
The retirements of Steven Reid and Peter Bacchus at the Group’s May 2025 AGM will
prompt further adjustments to Board committee chairmanships and memberships to maintain
strong strategic oversight.
Sustainability has long been part of how Gold Fields does business, and the Board approved
a dedicated strategic pillar to reflect this commitment in 2021, supported by a range of 2030
ESG targets. The Board receives updates on progress against these targets quarterly and,
through the SET and SHSD Committees, provides oversight of stakeholder engagement and
relations. These priorities were embedded into the Group strategy because they are key to
the sustainability of the business and lead to better outcomes for our stakeholders.
Given that the strategies, programmes and initiatives to achieve our 2030 ESG targets were
established based on the knowledge and expectations of technology maturity in 2021, the
Group initiated a mid-term review to assess our progress, future business models and
technology readiness profiles. The review will be completed in 2025.
The Group’s portfolio is well positioned for sustained performance and includes at least four
multi-decade assets with sufficient Mineral Reserves and Mineral Resources to support
production of 2Moz – 3Moz well into the mid-2030s. These assets – St Ives in Australia,
South Deep in South Africa, Tarkwa in Ghana, and the Windfall project in Canada – form the
foundation of our long-term production strategy. With Tarkwa’s proposed JV with Iduapriem,
if approved, and the Windfall project’s pending environmental approval and Board
endorsement, all four assets are expected to remain significant contributors to our portfolio
for well over a decade.
Salares Norte has the potential to become a multi-decade asset if ongoing exploration
efforts successfully identify additional Mineral Resources to extend its current 10-year LOM.
Further growth potential exists at the Windfall project, which was acquired with an extensive
exploration portfolio. The other three operations in Western Australia are assets with upside
optionality.
Our two maturing assets, Cerro Corona and Damang, remain profitable and will continue to
generate solid FCF. The Company is committed to optimising value at these operations
while pursuing responsible transition strategies that benefit all stakeholders. The Board
continues to apply Gold Fields’ Capital Allocation Framework in determining future
investments.
Gold Fields presents a compelling long-term investment opportunity, offering near-term
growth alongside a strong pipeline of development and exploration projects that will deliver
sustainable returns for the decade and beyond. This growth will be driven by our existing
portfolio of assets, the Windfall project and the proposed Tarkwa/Iduapriem JV. We expect
to create additional value from 2025 onwards as Salares Norte ramps-up with a cost
structure that is materially lower than the Group average. The Board continues to provide
oversight over the successful ramp-up of the mine.
The Windfall deal and the proposed Tarkwa/Iduapriem JV, if approved, are examples of the
bolt-on M&A approach we are leveraging to ensure the longer-term growth of our portfolio.
Through the Strategy and Investment Committee, the Board has mandated the Company to
continue assessing similar value-enhancing opportunities. Brownfields (near-mine)
exploration has served the Company well, particularly at our Australian operations, where an
annual investment of approximately A$70m (US$46m) over the past decade has led to
continuous Mineral Reserve replacement and life extensions.
Greenfields exploration is playing an increasing role in our growth strategy by ensuring a
pipeline of high-quality, early-stage opportunities to sustain our production profile. Our
exploration team drives disciplined growth in existing jurisdictions while actively screening
for new opportunities under defined parameters.
Refer to p9 of our Governance and Remuneration Report for more information on key decisions and focus
areas by our Board and Board committees during the year.
For details on our Remuneration Policy, refer to p39 of our Governance and Remuneration Report.
GOLD FIELDS Integrated Annual Report 2024
17
Our people’s safety
and wellbeing
Organisational
structure and
executive leadership
changes
Board committee
structure and
director succession
Our commitment to
responsible mining
Delivering safe,
reliable and cost-
effective operations
Improving the
quality of our
portfolio
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
GOLD FIELDS Integrated Annual Report 2024
18
The South Deep mine in South Africa is equipped with a state-of-the-art
control room and virtual reality training facilities
Chief Executive Officer’s report
19
Our operating environment
23
Our stakeholders
24
Material matters
27
Risks and opportunities
28
In this section
Our business and
strategy
We continue to set the foundations to enable the delivery of our strategy and
offer a compelling value proposition for our shareholders.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Chief Executive Officer’s report
Dear stakeholders
2024 was a year of two different halves, with the first half
characterised by safety and operational challenges, as well as
severe weather events impacting some of our mines – resulting in
a number of disappointing outcomes.
There could not have been a more sobering start to my tenure as
CEO than the fatal incident that occurred at our South Deep mine
in South Africa on 2 January 2024 and a second fatality at St Ives
in Western Australia on 23 April 2024.
On behalf of the Company, I want to again extend our deepest
condolences to the families and loved ones of Khathutshelo
Khaukanani and Eli Kelly. Following these tragic incidents, we
responded by reviewing our safety culture and safety systems and
developed a multi-year safety improvement plan to deliver a step
change in our safety performance.
Refer to p40 for a detailed discussion of our safety performance
and improvement plan.
The diagram on the next page outlines the key pillars of our
strategy and the execution thereof, as well as the link to our
2035 aspirations.
After we twice revised production and cost guidance lower, the
performance of our mines improved markedly during H2 2024,
delivering safe, reliable and cost-effective results in line with our
revised annual production and cost guidance.
Further boosted by the tailwind of the record gold price, our
financial performance improved markedly, including a 42%
increase in headline earnings to US$1,188m (2023: US$837m) and
adjusted FCF of US$605m, up 65% for the year.
We paid a record R10/share total dividend for 2024, representing a
40% payout of normalised profit, as we sought to offer competitive
returns while concurrently investing in our portfolio.
During the year, we continued to set the foundations to enable
delivery of our strategy, which comprise the following three pillars:
• Delivering safe, reliable and cost-effective production
• Delivering positive social and environmental impact
• Improving the value and quality of our portfolio
Having made key management appointments during 2024 and
early in 2025 – including appointing Alex Dall as our permanent
CFO – we now have a global executive team with the necessary
skills and depth of experience to deliver our strategy.
During the year, we made a change to our operating model,
moving from a three-layered (Group, regions, operations) structure
to a simpler, two-layered (Group, operations), functional guidance
structure. We believe this structure is the appropriate one for Gold
Fields to enable a more effective delivery of our strategy. We also
continued evolving the Group’s culture by investing in leadership
alignment and capability building.
The operational momentum achieved during H2 2024 continued
into early 2025, positioning Gold Fields to continue creating value
for all our stakeholders in the near and longer term.
Our portfolio
Gold Fields has a portfolio of quality assets anchored by four
multi-decade operations: St Ives, South Deep and Tarkwa, as well
as the Windfall project. We expect these operations to provide the
Group’s production baseload for many years to come.
Although having shorter life based on current known Mineral
Reserves, four of our operations – Gruyere, Granny Smith, Agnew
and Salares Norte – offer upside optionality with exploration and
technical studies under way to unlock their full potential.
Our Company offers compelling near-term growth and an
attractive pipeline of development and exploration projects. We
expect to create additional value in 2025 as Salares Norte ramps-
up and the Windfall project progresses to final investment
decision.
Salares Norte’s production will come at an AIC and AISC that are
materially lower than the Group average, which will drive an
increase in profitability and FCF per share and, ultimately, increase
shareholder returns.
Windfall’s production – expected from 2028 onwards – is
expected to further improve the quality of our portfolio and our
position on the industry cost curve.
Concurrently, as part of our asset optimisation programme, we are
undertaking extensive work to optimise efficiencies and improve
costs at our operations. We completed full potential assessments
for our three multi-decade mines, and will prioritise improvement
opportunities through production and cost efficiencies and
investing in new technologies.
Guaranteeing the safety and wellbeing of our
people
Guaranteeing that all our people go home safe and well every day
is our number one value and is the most important thing we do.
During the year, dss+ conducted an independent review of our
safety culture, systems and practices. The review identified many
good practices within the Group, including pockets of excellence
that we are seeking to leverage across our operations. However,
the review also highlighted areas where improvement is required.
GOLD FIELDS Integrated Annual Report 2024
19
“Gold Fields offers a unique value proposition. With our
quality portfolio, capable leadership team and dedication
of the people that work at and with Gold Fields, we will
continue building a business that is resilient, offers a
compelling value proposition for our shareholders and
delivers on our purpose.”
Mike Fraser
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Chief Executive Officer’s report continued
Based on these insights, we developed and started
implementing our multi-year safety improvement
plan, which includes building capability through our
leaders; improving safety and risk systems; and
collaborating with our business partners to deliver
a fatality and serious injury-free business.
Fostering respectful and inclusive workplaces is
fundamental to our culture and essential to
delivering on our safety guarantee. We continued
making good progress in implementing the
recommendations from EB&Co’s 2023 culture
review, but we acknowledge that more work must
be done to ensure the behaviours of respect and
inclusion are truly embedded in our business.
I absolutely believe that a fatality-free mining
business is possible. Through well-designed and
planned work executed by competent people, and
by adopting a culture of care and accountability, we
can deliver on our guarantee that everyone who
works at Gold Fields goes home safe and healthy,
every day.
Strategic pillar 1: Delivering reliable
and cost-effective operations
Amid the operational challenges and weather-
related events at Gruyere, South Deep, Salares
Norte and Cerro Corona, the Group’s 2024
attributable gold-equivalent production was 10%
lower at 2.071Moz (2023: 2.304Moz, including
Asanko). The step-up in performance in H2 2024
increased production by 26% from H1 2024. AISC
decreased by 12% lower from H1 2024 to H2 2024.
South Deep, in particular, had a much stronger
second half as the team addressed the lower stope
availability due to backfill leakage, rehandling
issues experienced in H1 2024 and transitioned
into higher-grade areas. St Ives also recorded
material improvement in H2 2024, with production
up 38% due to planned increases in volumes at
Invincible Underground and contribution from the
Swiftsure and Invincible Footwall South open pits.
Group AIC increased by 24% to US$1,873/oz and
AISC by 26% to US$1,629/oz, mainly due to lower
production. The average gold price received
during 2024 improved by 25% to US$2,418/oz,
boosting adjusted FCF by 65% to US$605m in
2024 from US$367m in 2023.
During the year, net debt increased by US$1,062m
to US$2,086m, driven largely by the US$1,450m
paid to acquire Osisko Mining in October 2024.
However, our net debt:adjusted EBITDA ratio of
0.73x at end-2024 (2023: 0.42x) is still well within
the 1.0x we previously stated as our target level
through the cycle.
Momentum gained during H2 2024 continued into
2025. We are planning higher production in 2025,
with a corresponding reduction in AISC and AIC.
Our teams understand the importance of delivering
our 2025 guidance and will continue to focus on
ensuring each operation adheres to their plans for
the year.
Strategic pillar 2: Delivering positive
social and environmental impact
Sustainability is embedded in the way we do
business and, in 2021, we set 2030 targets in six
priority areas, including safety, wellbeing and the
environment; gender diversity; stakeholder value
creation; decarbonisation; tailings management;
and water stewardship.
We have reached the halfway point in our 2030
target cycle and, in 2025, will undertake a mid-
point review of our progress against these targets.
The review will identify and address any gaps,
while also expanding targets to 2035, where
appropriate.
During 2024, we made progress on several of
our ESG priority areas, as discussed on the
next page.
GOLD FIELDS Integrated Annual Report 2024
20
Gold Fields’ portfolio and growth strategies
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Chief Executive Officer’s report continued
Gender diversity: Women comprised 25%RA of
Gold Fields’ employees at end-December 2024,
unchanged from 2023 but on track to achieve our
2030 target of 30%. We continued promoting
diversity and inclusion across our teams as we
believe diversity drives better business outcomes
through greater agility and innovation while
enhancing our ability to overcome challenges.
Stakeholder value creation: Our value distribution
to national economies amounted to US$4.2bnRA in
2024, compared to US$3.8bn in 2023. We aim to
sustain the value delivered to host communities
through employment – host communities provide
52%RA of the total workforce – procurement and
social investments. 35%RA of value creation
remained with our host communities in 2024,
compared to the 2030 target of 30%.
Decarbonisation: 18% of the Group’s electricity
consumption was from renewable energy sources
during 2024 (2023: 17%). St Ives’ renewable project,
planned for completion in Q1 2026, will deliver the
next step change in our drive to reduce our Scope
1 and 2 emissions, which were 4% below the 2016
baseline by the end of 2024. Scope 3 emissions
were 823kt CO₂eRA in 2024, 13% below 2023 and
16% below the 2022 baseline. The decrease was
driven primarily by the sale of Asanko, lower activity
and lower spend-based emissions factors.
Tailings management: During 2024, we reduced
the number of active upstream-raised tailings
storage facilities (TSF) from five to four when we
completed the transition of TSF 2 at Tarkwa to a
downstream-raised facility. The transitioning of
Tarkwa TSF 1 is set to be completed in 2026.
Water stewardship: Gold Fields also remains on
track to achieve its water management 2030
targets, with water reused/recycled totalling
74.4%RA in 2024, and freshwater consumption
amounting to 11.1GL – 23% below the baseline.
Strategic pillar 3: Improve the value
and quality of our portfolio
Gold Fields presents a compelling long-term
investment opportunity, offering near-term growth
alongside a strong pipeline of development and
exploration projects that will deliver sustainable
returns for the decade and beyond. Our near-term
growth will be driven by three projects we are
actively advancing.
Salares Norte: After producing first gold at the end
of March 2024, ramp-up of the plant was adversely
impacted, and ultimately paused, following severe
winter conditions that started in mid-April and
continued well into Q3 2024.
The Salares Norte team was able to safely restart
the plant at the end of September 2024, and the
mine produced 45koz-eq at AISC of US$1,901/oz-
eq in Q4 2024. We expect gold-equivalent
production for 2025 to range between 325koz-eq
– 375koz-eq at AISC of US$975/oz-eq – US$1,125/
oz-eq. 2026 is set to be the first full year of steady-
state production, when we expect the mine to
produce 550koz-eq – 580koz-eq at AISC of
US$825/oz – US$875/oz.
We also made progress with the conservation of
the protected short-tailed chinchilla, with three
chinchillas safely captured and relocated since
October 2024. The capture and relocation
programme is ongoing as we continue clearing the
remaining rockery areas, which are located above
the Agua Amarga ore body.
Windfall project: In October 2024, we acquired
100% of the outstanding shares of Osisko Mining,
paying C$2.02bn (US$1.45bn) net of cash received
to settle the transaction. Importantly, the transaction
consolidates 100% ownership of the Windfall
project and its entire exploration district
(c.2,500km2) in the tier-1 jurisdiction of Québec,
Canada.
In 2025, the project’s focus is to obtain the
required environmental approvals to support full-
scale construction and mining. We expect to
receive this in H2 2025. We are also progressing
the engineering work required ahead of a final
investment decision expected in Q1 2026.
We expect construction of the mine to take
approximately 18 – 24 months, with first production
set for 2028. At steady state, Windfall is expected
to add 300koz per annum to Gold Fields’
production profile at an AIC and AISC that is
materially lower than the Group average.
We are pleased to have retained key members of
the Windfall team, while engagements for the
execution of an Impact and Benefits Agreement
with the Cree First Nation of Waswanipi and the
Cree Nation government, on whose land Windfall is
located, are ongoing.
Tarkwa/Iduapriem JV in Ghana: Despite
constructive engagement with the Ghanaian
government after we announced the proposed JV
between Tarkwa and the neighbouring Iduapriem
mine, owned by AngloGold Ashanti, in March 2023,
we have not yet obtained the requisite approvals
by the government.
Following the country’s recent national elections,
Gold Fields and AngloGold Ashanti are engaging
with the new government on the proposed JV. We
continue to believe that combining Tarkwa and
Iduapriem into a single managed entity is
compelling, given that it is anticipated to extend
LOM, increase production and lower costs, thereby
creating value for all stakeholders. While working to
obtain approval for the JV, we are pursuing
improvements to Tarkwa.
Exploration: Greenfields exploration plays a vital
role in the Gold Fields' growth strategy and
improving the quality of our portfolio, ensuring a
pipeline of high-quality, early-stage opportunities to
sustain our production profile.
We reinvigorated our exploration efforts with
disciplined investment in greenfields exploration in
the jurisdictions in which we operate. Gold Fields’
exploration portfolio includes 100% landholdings
and JVs in Australia, Chile and Peru,
complemented by strategic equity positions in
several listed junior miners.
A detailed breakdown of our greenfields
exploration strategy and portfolio is on p82 of
this report.
During 2024, we spent US$84.2m on brownfields
exploration, of which US$53m was spent at our
Australian assets and US$11m at Salares Norte. This
resulted in the discovery of 2.3Moz additional
Mineral Resources (pre-depletion), including 1.4Moz
at St Ives, and helped offset Mineral Reserves
depletion at St Ives, Granny Smith and Agnew.
Mineral Reserves and Mineral Resources: The
Group’s attributable gold measured and indicated
exclusive Mineral Resources increased by 0.3% to
30.4Moz at 31 December 2024 (2023: 30.3Moz),
while attributable inferred exclusive Mineral
Resources increased by 13.7% to 11.6Moz (2023:
10.2Moz).
Attributable proved and probable gold Mineral
Reserves declined by 0.7% to 44.3Moz at
31 December 2024 (2023: 44.6Moz).
We raised our Mineral Reserves and Mineral
Resources price assumptions in 2024 to US$1,500/
oz (previously US$1,400/oz) and US$1,725/oz
(previously US$1,600/oz), respectively. We plan to
include the Windfall project’s Mineral Resources
and Mineral Reserves in the Group figures after a
feasibility study is completed and the necessary
permits have been granted.
See p79 for a summary of our Mineral
Resources and Mineral Reserves position and
the Mineral Resources and Mineral Reserves
Supplement to the IAR for further details.
Portfolio rationalisation: Continuing to improve the
value and quality of our portfolio not only entails
the acquisition of assets, but transitioning assets
that are at end-of-life and rotating out of assets
which we view as non-core.
While Damang continues to perform strongly, we
are assessing ways to optimise value for all
stakeholders.
Cerro Corona is also maturing, with 2025 planned
to be the last year of mining before the operation
starts processing stockpiles from 2026 onwards.
While it will continue to produce gold and copper
and generate cash-flow until 2031, we are currently
assessing the responsible pathways for the mine’s
future.
GOLD FIELDS Integrated Annual Report 2024
21
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Chief Executive Officer’s report continued
During 2024, we streamlined the portfolio by
selling our 45% stake in the Asanko Gold Mine and
our 24% equity interest in Rusoro Mining. We also
disposed of our 40% stake and terminated our
option agreement to buy an additional 20% in the
Far Southeast asset in the Philippines.
Capital allocation
Capital allocation is a key element of our strategic
decision-making process. In this regard, we refined
our Capital Allocation Framework to guide how
capital is deployed and ensure the most attractive
return on this capital. In terms of this framework, our
capital allocation priorities are as follows:
• Maintaining our investment grade credit rating
and therefore balance sheet flexibility
• Spending the necessary capital to ensure safe
and reliable production
• Paying a base dividend of 30% – 45% of
normalised earnings
After satisfying the above priorities, discretionary
growth investments, including exploration, life
extension of existing assets, organic growth
opportunities and M&A opportunities, are balanced
with additional returns to shareholders. Work is
continuing to determine the most effective way to
deliver additional competitive returns to our current
shareholders, while also attracting new equity
investors.
Outlook and guidance
Looking at 2025, our primary focus is ensuring
safe, reliable and cost-effective delivery against our
production plans and guidance for the year. This
will provide the platform for continued progress of
our strategic priorities, which are aligned to the
three strategic pillars of our business.
We expect attributable gold-equivalent production
for 2025 to be between 2.250Moz – 2.450Moz at
an AISC of between US$1,500/oz – US$1,650/oz,
and AIC of between US$1,780/oz – US$1,930/oz.
2025 is expected to be another year of relatively
high capex given the remaining capital for the
renewables microgrid at St Ives and the pre-
development capital planned for Windfall.
Furthermore, sustaining capital is expended across
the portfolio to maintain the production base of
the Group.
Total capex for the Group for the year is expected
to range between US$1,490bn – US$1,550bn,
which includes sustaining capital of US$940m –
US$970m and non-sustaining capex of US$550m
– US$580m, with the largest component of the
latter expected to come from the Windfall project
capital of C$403m (US$282m) and the St Ives
renewable power project of US$110m.
Conclusion and thanks
Coming into an organisation with a rich 138-year
corporate history, I have relied on the experience
and commitment of my colleagues. I want to take
this opportunity to thank all the people of Gold
Fields for the support they have shown me over the
past 15 months. These are dedicated and talented
people, who care deeply about the work they do
and are committed to delivering value for all
stakeholders.
I want to thank my fellow leadership team for
making me feel welcomed and providing the sound
guidance for what have been some tough strategic
decisions during the year.
To Yunus and my fellow directors, I also extend my
appreciation for entrusting me with leading Gold
Fields and for the governance guidance they have
provided.
Gold Fields offers a unique value proposition and I
strongly believe that with our quality portfolio,
capable leadership team and dedication of all the
people that work in and with Gold Fields, we will
continue building a business that is resilient, offers
a compelling value proposition for our shareholders
and delivers on our purpose to create enduring
value beyond mining for all our stakeholders.
Mike Fraser
CEO
GOLD FIELDS Integrated Annual Report 2024
22
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Our operating environment
Of all the external factors impacting the Group’s
performance, the most critical is the gold price.
The performance of bullion has been beneficial to
Gold Fields over the past few years – rising steadily
since 2015, but accelerating markedly since 2019
and, particularly, over the past 18 months.
The gold price provided a strong tailwind to our
financial performance. The average gold price
received during 2024 improved to US$2,418/oz –
a 25% increase from US$1,942/oz in 2023, which
was a marked rise on the average price of
US$1,785/oz in 2022.
The gold price ended 2024 at just over
US$2,625/oz, a record high year-end close
and a 25.5% return for the year. Since then, it
experienced further growth and, in March 2025,
hit a record high of over US$3,000/oz.
Currency movements further boosted results from
our Australian and South African mines. The
Australian Dollar and South African Rand remained
fairly stable against the US Dollar during 2024,
allowing our Australian mines and South Deep to
realise the benefit of the higher US Dollar gold
price. The Australian Dollar remained flat at A$1/
US$0.66 during 2024, while the South African
Rand strengthened by 1% to average R18.33/US$1.
The WGC, of which we are a member, provided
some guidance on the demand and supply factors
that favourably impacted the strong performance of
bullion during 2024:
• Annual gold demand of 4,974t was 1% above
2023. Investment demand reached a four-year
high of 1,180t, a 25% increase from 2023
• Central bank buying maintained a strong pace.
Annual net purchases exceeded 1,000t for the
third consecutive year
• Holdings in global gold exchange traded funds
remained stable in 2024 after four years of
successive declines
• Amid the high gold price, annual jewellery
consumption dropped 11% to 1,877t
• Annual mine production remained stable at
3,661t in 2024, while recycling responded to
high gold prices, rising 11% to 1,370t. Total gold
supply was 1% higher year-on-year, increasing
to 4,975t in 2024
Healthy demand from investors also underpinned
these trends, with main supporting drivers including
a more volatile US economy, continued economic
weakness in China and, particularly, ongoing global
geopolitical tensions. The Russia-Ukraine war and
tensions in the Middle East centred around the
Israel-Gaza conflict raised gold’s status as a safe-
haven asset.
The WGC indicated that, for 2025, central banks
and exchange traded funds investors were likely
to drive demand for the metal, with economic
uncertainty supporting gold’s role as a risk hedge.
On the flip side, the WGC indicated high prices will
continue to place pressure on jewellery demand.
Elevated geopolitical risks amid the new political
approach taken by the US administration are set to
strongly drive investment demand during 2025.
Furthermore, greater uncertainty around the
prospects of the US economy during 2025, and the
consequent weakening of the US Dollar, should
also prove a boon to the gold price.
Gold supply and demand
Gold price performance
GOLD FIELDS Integrated Annual Report 2024
23
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Our stakeholders
Relationships with our stakeholders are integral to achieving our purpose. Representing a wide range of rights and
interests, we continually work to ensure the interests of our stakeholders are represented and considered
appropriately to enable informed decision-making that balances their interests, needs and expectations.
Through transparent, inclusive and mutually respectful engagement and consistently delivering our commitments,
we aim to ensure our communities and stakeholders recognise and trust us for purpose-led social impact and
nature-based solutions that aim to enhance lives. We want to be the gold mining company that investors choose to
invest in as we deliver superior returns, host governments and communities prefer to partner with as we consistently
and responsibly create Shared Value, and people and local businesses want to work with as we ensure safe,
respectful workplaces and rewarding careers. Our ability to create enduring value relies on the support and input of
our stakeholders which, in turn, is informed by understanding their needs and expectations. We believe honest and
mutually beneficial stakeholder relationships are essential for our operations to achieve sustainable returns that
benefit all. As such, we aim to consistently deliver on our sustainability commitments.
Our stakeholder value creation is captured in our disclosure of national economic value creation in accordance with
WGC guidelines. As shown in the table below, during 2024, Gold Fields’ total national economic value creation
amounted to US$4.21bnRA (2023: US$3.76bn), with payments to our suppliers and contractors traditionally
accounting for about two-thirds thereof.
Financial value distributed to stakeholders in 2024 (US$m)
Payments to
employees
Host
community
SED spend1
Payments to suppliers
(including business
partners)3
Payments to
governments
Payments to
capital
providers
National
value
distribution
Australia
183
2
1,192
311
6
1,694RA
South Africa
117
4 2
356
4 4
3
483RA
Ghana
81
5
789
266 5
27
1,168RA
Peru
53
6
213
66
7
345RA
Corporate
64
—
2
16
442
524RA
Total Gold Fields
498RA 6
17RA
2,553RA
662RA
485RA
4,214RA
1 Excludes host community wages and procurement spend, which are captured under “Payments to employees” and
“Payments to suppliers and contractors”, and is broken down under “Type of benefit to host communities” on the next
page. Excludes projects
2 Includes US$496,622 from the South Deep trusts
3 Includes contractors and suppliers, and excludes projects
4
South Deep has carry-forward losses and allowances for offset against taxable income
5 Excludes US$26m in dividends declared in lieu of the Ghanaian government’s 10% stake in Tarkwa and Damang mines
6 Excludes remuneration and benefits paid to employees working on capital projects
Our 2024 Report to Stakeholders details our relationships with our key stakeholders and the benefits and
contributions we share with them.
Strong relationships with our stakeholders – as well as the value we create and distribute to them – support more
than just our social licence to operate: we strive to ensure all stakeholders, including our host communities,
experience sustainable benefits from our operations. Our Stakeholder Engagement Strategy recognises the crucial
role of stakeholders in our business, and our work is underpinned by maintaining and strengthening stakeholder
relationships based on respect, trust and transparency. On the pages that follow, we profile our key stakeholders,
outline their expectations and how we respond to these, and how we engage with them.
Why these stakeholders matter
Our employees drive the implementation of our
strategy by having the requisite capabilities and
working collaboratively across the asset and
function teams in our various jurisdictions to
deliver the best possible outcomes.
Key stakeholder interests
• Physical and psychological safety of all employees, supported by workplaces where everyone feels safe,
respected and valued
• Changes in the organisational structure during 2024 and the transition from a three-layered regional model
to a two-layered, functional guidance organisational structure
• A diverse, inclusive and enabling culture that supports innovation
• An attractive employee value proposition, including fair compensation, opportunities for learning and
development, talent management, and fulfilling and rewarding careers
Our response
• Cultivating a strong culture of respect, inclusion and belonging through practices that promote diversity,
equity, and inclusion – guided by the implementation of EB&Co’s recommendations
• Initiated an independent diagnostic by dss+ of our safety leadership, processes, systems and practices, with
recommendations incorporated into a safety improvement plan, which is being implemented
• Refined our organisational structure to enable strategic delivery
• Committing to increasing gender diversity, advancing women in leadership and technical roles, and
achieving pay parity
• Providing continued learning and training to all employees, focusing on capability development and career
path opportunities, including global mobility opportunities
• Providing accommodation and financial housing assistance to our employees
How we engage
Relevant material themes
• Internal communication channels
• Town halls
• Senior leader alignment sessions
• Employee surveys
• One-on-one engagements
• Performance reviews
• Protecting the health, safety and wellbeing of our
employees and contractors
• Managing our People
GOLD FIELDS Integrated Annual Report 2024
24
EMPLOYEES
US$498mRA
paid in wages and benefits
6,560
employees
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Our stakeholders continued
Why these stakeholders matter
Our host communities are crucial to the
sustainability of our business. Their support
underpins our social licence to operate which,
in turn, impacts our ability to create enduring
value.
Key stakeholder interests
• Employment and procurement opportunities
• Education, skills and enterprise development
• Environmental impacts, including the mitigation of climate-related risks
• Investments to support social impact and nature-positive performance that enhances lives
• Benefit-sharing agreements
• Protecting culture and heritage
• Protecting human rights and respecting the culture, traditional rights, interest and heritage of Indigenous
and First Nations Peoples
Our response
• Implementing host community initiatives in education, health services, infrastructure development, skills
development, and sports and recreation
• Creating jobs and maximising opportunities for host community employment at our operations and through
community investments (i.e. non-mining jobs)
• Maximising local supplier opportunities and implementing enterprise development initiatives
• Setting and delivering targets for host community procurement and local employment
• Supporting community and environmental resilience beyond the LOM through our legacy programmes
• Concluding and implementing agreements with Indigenous and First Nations Peoples, as well as host
communities
• Implementing stakeholder engagement plans to ensure transparent and inclusive engagement with host
communities to understand and respond to their needs, expectations and grievances
• Sharing value created by Gold Fields
How we engage
Relevant material themes
• Meetings with communities and their
representatives
• Website and social media channels
• Community grievance mechanisms
• Independent assessments and surveys
• Respecting the rights of our stakeholders
• Committing to sound environmental practices
• Creating Shared Value for host communities
Why these stakeholders matter
Our contractors – who comprise 73% of our
workforce – and suppliers provide the services,
equipment, and materials necessary for our
operations to deliver safely, reliably and cost
efficiently. We define business partners as the
suppliers who provide expertise through
contractors to our operations.
Key stakeholder interests
• In-country and host community procurement of goods and services
• Investment in enterprise and supplier development
• Sustainable materials and supply chain stewardship
• Payment times for host community small and medium-sized enterprise suppliers
• Communication and engagement on issues relating to respectful workplaces and gender safety
• Opportunities for businesses owned by women, Indigenous and First Nations Peoples, and historically
disadvantaged people (HDP)
Our response
• Developing an integrated Business Partner Framework that sets clear guidelines and aligns our business
partners with our culture, standards and ways of work
• Seeking opportunities for community-based enterprises to participate in our supply chain guided by our host
community procurement strategy
• Supporting small and medium-sized host community suppliers through preferential payment terms
• Engaging to understand and align suppliers’ carbon emissions and, where relevant, their modern slavery
impacts
How we engage
Relevant material themes
• Internal communication channels (contractors)
• Surveys
• Conferences
• Ongoing meetings and forums
• Supplier expos
• Protecting the health, safety and wellbeing of our
employees and contractors
• Managing our People
GOLD FIELDS Integrated Annual Report 2024
25
HOST COMMUNITIES
Number of engagements in 2024: 896
SUPPLIERS
794
host community supplier
companies
97%
of total procurement spend
with in-country businesses
US$1.27bnRA
value distributed
US$16.6mRA
invested in SED
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Our stakeholders continued
Why these stakeholders matter
Our capital providers are critical to our growth
and success. They supply the funds we need to
explore, develop and operate our operations
and projects.
Key stakeholder interests
•
Delivery against our commitments and guidance
•
Cost performance
•
Capital allocation that supports delivery of competitive shareholder returns
•
Balance sheet management
•
Understanding of and demonstrated execution of Gold Fields’ strategy
•
Sound and ethical leadership and succession planning for executive management
•
Progress on key sustainability priorities and risks, including safety, climate resilience and maintaining our social
licence to operate
•
Delivery of growth projects on time and within budget – in particular, Salares Norte’s ramp-up
•
Portfolio management, including acquisitions, disposals and management for transitioning operations
Our response
•
Developing and maintaining a strong portfolio of operations, including strategic investments and divestments
•
Ensuring continued improvement at South Deep
•
Continuing the ramp-up at Salares Norte
•
Acquiring 100% of the Windfall project in Canada and ensuring progress to construction
•
Developing a long-term greenfields exploration portfolio, including through strategic investment and partnerships
with juniors
•
Applying our Capital Allocation Framework to fund growth, as well as develop and maintain our assets, balanced with
competitive shareholder returns
•
Improving our share price and delivering a stable dividend in line with our Dividend Policy
How we engage
Relevant material themes
•
Timeous announcements on the relevant stock
exchange for Company announcements
•
Results presentations
•
Analyst presentations and reports
•
One-on-one and group investor meetings
•
Attending industry conferences and forums
• Ensuring business resilience
• Upholding sound corporate governance principles
Why these stakeholders matter
Maintaining positive relationships with
governments are essential to sustainable
operations. Governments are a key stakeholder
and an important partner in many of our projects
that seek to benefit society.
Key stakeholder interests
• Compliance with relevant legislation and regulations, and support for local policy where appropriate
• Protection of human rights
• Payment of taxes, royalties and other levies
• In-country employment and procurement
• Investments in host communities, particularly infrastructure-related investments
• Upholding the highest standards of ethical business practice
• Commitment to sound environmental stewardship
Our response
• Adhering to all applicable regulatory and other requirements
• Paying royalties and taxes to host governments that, if utilised appropriately, can enable them to develop
critical infrastructure
• Community investment that contributes to shared sustainable development goals, grows and sustains non-
mining jobs, and builds institutional capacity in the countries where we operate
• Conducting our business in a fair and ethical manner by upholding our Code of Conduct
• Conducting independent, standalone human rights impact assessments
• Implementing the chinchilla capture and relocation project
How we engage
Relevant material themes
• Memberships to and active engagement in various
industry forums
• Working relationships with public bodies
• Industry associations
• Ensuring business resilience
• Upholding sound corporate governance principles
• Respecting the rights of our stakeholders
• Committing to sound environmental practices
GOLD FIELDS Integrated Annual Report 2024
26
CAPITAL PROVIDERS
Number of engagements in 2024: 484
GOVERNMENTS
Number of engagements in 2024: 466
US$485mRA
paid to providers of debt and
equity capital
0.73
net debt:adjusted
EBITDA ratio
US$662mRA
paid in taxes and royalties
US$26m
paid to the Ghana
government in dividends
for its 10% stake in each of
Damang and Tarkwa
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Material matters
We review and update our GRI-aligned materiality analysis annually, which is driven and informed by Gold
Fields’ purpose and our commitment to best practices in sustainability, reporting standards and frameworks.
Material matters are those issues that could substantially impact Gold Fields’ outward influence on society,
our host communities and the environment (including human rights), as well as our ability to deliver on the
Group’s three strategic pillars and create value for our stakeholders over the short, medium and long term.
In 2023, we initiated a new three-year analysis cycle and conducted a review to identify the Group’s material
matters. This year, we reviewed our existing material matters to ensure their continued relevance to Gold
Fields and our stakeholders. We analysed both our internal and external operating context and confirmed
that our 29 material matters, aggregated into seven material themes, remain topical. The results of the
analysis further serve to inform Gold Fields’ business plans and strategies, as well as our approach to
external reporting, and we continue reporting on material issues in our annual reporting suite.
Gold Fields’ 2024 material themes and material matters
Protecting the health, safety
and wellbeing of our
employees and contractors
• Physical safety
• Health and wellbeing
• Psychological safety
Creating Shared Value for
host communities
• Community engagement and
relations
• Host community employment and
procurement
• SED
Managing our People
• Diversity, equity and inclusion
• Attract, retain and enhance talent
and skills
• Remuneration and reward
• Labour practices and relations
Respecting the rights of our
stakeholders
• Culture and heritage
• Indigenous Peoples
• Human rights
Committing to sound
environmental practices
• Nature and biodiversity management
• Tailings management
• Climate risk
• Water stewardship
• Energy and carbon
management
Ensuring business resilience
• Social and political risks
• Materials stewardship and
supply chain
• Delivering on our strategy and
creating financial value for
shareholders
• Integrated mine closure
planning
• Modernisation, innovation and
technology
• Cybersecurity
Upholding sound corporate
governance principles
• Leadership and succession planning
• Board structure and composition
• Legal and regulatory compliance
• Executive remuneration
• Ethics, transparency and
integrity
Our material matters are grouped into themes that reflect the focus areas of our business. While our material
matters did not change from 2023, we noted the following:
• While business partner management has always been important to our Company, it emerged as a critical
focus area following our 2024 independent safety diagnostic – particularly how to integrate our business
partners’ operations with our values and standards
• There is a stronger focus on talent retention and ensuring we have the right individuals and capabilities to
meet future needs
• Because our language shapes our culture, “Managing our human capital” was renamed “Managing our
People”
• Creating Shared Value for our host communities remain a significant area of interest for our stakeholders
and focus area for Gold Fields
Materiality assessments are dynamic, and we will continue to monitor our external and internal environment
to ensure we consider and respond to the material matters that are most important to our business.
Our material themes
GOLD FIELDS Integrated Annual Report 2024
27
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Risks and opportunities
We acknowledge the impact and influence of the broader global context, as well as that of the internal
dynamics of the countries we operate in and the capacities and constraints of our operating assets. These
impacts provide both risks and opportunities to our business. We identify and respond to both longer-term
strategic and emerging risks and opportunities and shorter-term potential impacts – prioritising them as
needed, including them in strategic planning reviews, and adjusting mitigating actions to protect the
sustainability of our business.
Gold Fields’ approach to enterprise risk management is based on the requirements of King IV, the
South African Corporate Governance Code of Conduct and ISO 31000, the international guideline on risk
management. The Group also subscribes to the risk management requirements of the ICMM’s 10 Mining
Principles.
Our enterprise risk management process follows a top-down approach to categorising the Group’s risks,
which include:
• Group-wide strategic risks, which are broad risk categories that apply across Gold Fields and could
materially impact the delivery of our strategy
• Other strategic risks, which are more specific risk events that may apply to a particular asset or group
of assets. These risks fall within a strategic risk category, but are potentially material enough to warrant
specific highlighting and particular focus from our management teams
• Catastrophic risks, which are potential disastrous events that may cause loss of life, extensive damage to
infrastructure and prolonged production losses, and could significantly impact our stakeholders and Gold Fields’
reputation. Should a catastrophic risk event materialise, it may prompt a review of the Group’s strategy
Risk management is integrated into all business processes. Our corporate and asset leadership teams
conduct formal risk management reviews every quarter to assess the risks to the business and track and
monitor progress against mitigating actions. These reviews are then presented to the Board’s Risk Committee
biannually for verification.
This report presents the consolidated Group strategic risks. These risks, supported by the change in the
organisational structure, illustrate a shift to portfolio-level risk management in line with industry practice.
Risk appetite and tolerance
We apply risk appetite and tolerance principles to assess whether we are taking the appropriate amount of
risk in pursuit of our strategic objectives.
For each of our strategic risk categories, we define our risk appetite by identifying the risks we will not take,
those risks we have to take and need to mitigate, and those risks we actively pursue. We then identify key
risk indicators for the strategic risk categories and define tolerance limits for each indicator. We embed these
indicators in our business performance management and reporting.
The Board conducts quarterly governance and oversight meetings as part of its annual Board cycle, during
which significant aspects of the business are comprehensively questioned and reviewed. Any misalignment
with Company objectives or good corporate governance is discussed and remedial action requested. This is
in line with our formal Approval Framework, which strictly defines decision parameters and risk tolerance.
For a more detailed assessment on how we determine our risks and materiality, see
www.goldfields.com/risk-materiality.php
GOLD FIELDS Integrated Annual Report 2024
28
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Risks and opportunities continued
Managing safety and health risks is inherent to our business. The failure to do so could result in unacceptable levels of incidents leading to injury, illness or fatality. This could also impact our delivery of expected
profitability and cash-flows (risk 3).
Link to strategy
Strategic pillar 1: Deliver safe, reliable and cost-effective operations
Mitigation strategy
Guaranteeing the safety, health and wellbeing of our people is critical to us. We continuously review and upgrade our safety systems, processes and
programmes, and assess the health and maturity of our culture. In line with this philosophy, we appointed external safety experts to perform a safety
diagnostic across the Group during H1 2024 – with the results informing our safety improvement plan, which is being implemented. We appointed a
dedicated Group safety executive to oversee the diagnostic and the implementation of the recommendations.
Board oversight
•
Board of Directors
•
SHSD Committee
•
SET Committee
Threats
•
Uncontrolled risk exposure leading to potentially serious injury or fatality
•
Undetermined or uncontrollable occupational health exposure, with potential life-altering
impacts
•
Workplace culture and behaviours with potential long-term impacts on mental health
•
Catastrophic and material unwanted events at our operations without identified and
implemented controls
Opportunities
•
Partnering with industry forums, peers and business partners on shared
learnings
•
Safe work practices improving operational effectiveness and efficiencies
2025 focus areas
•
Reviewing the recommendations of the dss+ review
•
Implementing the safety improvement plan
•
Continuing to implement recommendations from the EB&Co review
•
Advancing our cultural transformation programme
Changes to our socio-political climate and regulatory environment could impact our ability to obtain and maintain approvals, as well as asset profitability and/or ownership. This could impact predictable operating
delivery (risk 4) and our ability to achieve planned profitability and cash-flows (risk 3).
Link to strategy
Strategic pillar 2: Deliver positive social and environmental impact
Mitigation strategy
We undertake comprehensive stakeholder engagement programmes across all levels of government, including regulatory agencies, to maintain
transparent and constructive dialogue about our business and operating environment. These programmes are informed by independent country risk
assessments. We intensify our engagement during times of political uncertainty, particularly during elections. During 2024, three of our operating countries
held national elections, while the global political environment was also more challenging amid a number of conflicts around the world. Additional
engagements are channelled through mining associations in collaboration with our peers. As a last resort, we review our legal options, particularly in terms
of adherence to investment agreements.
Board oversight
•
Board of Directors
•
SET Committee
•
Risk committee
Threats
•
Legal and illegal ASM
•
Shifts in national leadership that increase uncertainty
•
Fiscal deficits and the need to generate additional revenue
•
Contagion from regional geopolitical instability
•
Mining in fragile ecosystems
•
Land rights and Indigenous Peoples
•
Infrastructure/services challenges
•
Socio-economic pressures
Opportunities
•
Developing and successfully executing a broad-based stakeholder
engagement plan
•
Exceptional delivery against our sustainability objectives and becoming
the partner of choice through positive impact
•
Exploring and operating in new jurisdictions
•
Entering JVs and partnerships
2025 focus areas
•
Developing and successfully executing a broad-based stakeholder
engagement plan
•
Developing a Group-level approach to identifying, assessing and
responding to country risk
•
Progressing the Tarkwa/Iduapriem JV in Ghana
•
Pursuing our agreement-making strategy with First Nations Peoples
in both Australia and Canada
GOLD FIELDS Integrated Annual Report 2024
29
1
Safety and wellbeing of our people (2023: 3)
2
Country and regulatory risk (2023: 5)
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Risks and opportunities continued
Inconsistent operational performance and rising input costs, along with fluctuations in commodity prices and exchange rates, may lead to margin erosion, thereby reducing the Group’s profitability and cash-flows.
This could impact Gold Fields' ability to fund operations, sustain growth and deliver shareholder returns.
Link to strategy
Strategic pillar 1: Deliver safe, reliable and cost-effective operations
Mitigation strategy
We have safety, business, productivity and cost improvement processes and programmes in place at all our operations. This is supported by our Asset
Optimisation (AO) strategy to improve safety and efficiency in a way that creates value. We conduct monthly and quarterly asset reviews to ensure
spending remains within budget. Our mines provide cost guidance to the market at the beginning of each financial year. The change in the Group’s
organisational structure during the year created opportunities to optimise our processes and systems and drive greater efficiency. When assessing M&A
opportunities, AIC/oz is a key criterion for investment decisions.
Board oversight
•
Board of Directors
•
Audit Committee
•
Technical Committee
Threats
•
Inability to deliver on safety (risk 1) and operational performance (risk 4)
•
Inability to deliver on capital schedule and budget
•
External inflationary pressures and commodity price and exchange rate volatility
•
Regulatory and tax changes
•
Supply chain disruptions
Opportunities
•
Improving safety and operational efficiency
•
Investing in asset full potential and technical systems to improve
efficiencies and performance
•
Implementing a brownfields exploration programme to deliver higher
margin ounces
•
Reviewing the owner model at each asset
•
Optimising processes and systems to reduce general and administrative
expenses
•
Optimising procurement strategies
•
Portfolio management opportunities
•
Short-term hedging to protect cash-flows
•
Leveraging the upside of commodity price and exchange rate movements
2025 focus areas
•
Implementing AO transformations at our operations
•
Review our Group procurement model
•
Implementing cost optimisation initiatives across all Group functions
•
Conducting an information technology (IT) diagnostic to optimise IT and
operational technology (OT) systems
•
Standardising and optimising business processes to drive efficiency
The failure to deliver safe, reliable and cost-effective operations in line with the Group’s business plan and market guidance could result in missed revenue, reputational damage and associated impacts on our
share price and ability to deliver shareholder returns. This could impact our ability to send our people home safe and healthy every day (risk 1), to meet societal expectations that, in turn, leads to a loss of our
licence to operate (risk 8), and to achieve planned profitability and cash-flows (risk 3).
Link to strategy
Strategic pillar 1: Deliver safe, reliable and cost-effective operations
Mitigation strategy
Developing the Group’s 2025 business plan was a robust process in conjunction with all operations and functions, which was underpinned by detailed
quantitative risk analysis. We set internal targets and external guidance for each asset which, based on our risk analysis, can be achieved. A key focus for
H1 2025 is our winterisation effort at Salares Norte. We have safety, business, productivity and cost improvement processes and programmes in place at all
our operations, supported by our AO Strategy. We conduct monthly and quarterly asset reviews to assess progress against our business plans, with more
frequent reviews in response to variable performance.
Board oversight
•
Board of Directors
•
Technical Committee
Threats
•
Employee safety and health risks
•
Negative environmental impacts
•
Operational inflexibility due to structural constraints and the fixed nature of costs
•
Adverse weather impacts
•
Regulatory action
Opportunities
•
Building operational flexibility into our operations to deliver additional
value in a higher gold price environment
•
Building capabilities by embracing a new approach to talent attraction
and retention
•
Investing in asset full potential and technical systems to improve
efficiencies and performance
•
Co-developing technical solutions with third parties to unlock potential
2025 focus areas
•
Delivering AO efficiency improvement initiatives
•
Completed Salares Norte ramp-up implementation
•
Optimising operating system to drive efficiency across the Company
•
Developing a business partner framework and processes
GOLD FIELDS Integrated Annual Report 2024
30
3
Delivery of expected profitability and cash-flows (2023: 2)
4
Predictable operating delivery (2023: –)
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Risks and opportunities continued
Insufficient quality growth – through M&A or exploration – to sustain the Group’s production profile could impact future cash-flows and reduce shareholder returns and market capitalisation. It could also affect our
ability to maintain our competitive advantage.
Link to strategy
Strategic pillar 3: Grow the value and quality of our portfolio of assets
Mitigation strategy
The Group’s strategic planning process is key to mitigating this risk. We continue to evaluate value-accretive opportunities to build the value of our
portfolio, including acquisitions, divestments, JVs, new mine builds and other strategic projects.
Board oversight
•
Board of Directors
•
Strategy and Investment Committee
•
Technical Committee
Threats
•
Inability to identify and secure emerging opportunities through M&A or earn-in agreements
•
Exploration programmes that do not yield the required outcomes in the required timeframes
•
Changes in economic circumstances
•
Decline in gold, copper and silver commodity prices
Opportunities
•
Acquiring new ore bodies
•
Having a broad and balanced geographical base
2025 focus areas
•
Progressing the Tarkwa/Iduapriem JV in Ghana
•
Focusing on asset portfolio management and M&A opportunities
•
Greenfields exploration programmes in Australia, Peru, Chile and Canada
Insufficient growth – through brownfields exploration, Mineral Resource conversion and project delivery – to sustain our production profile could impact future cash-flows and reduce shareholder returns and
market capitalisation. It could also affect our ability to maintain our competitive advantage. Managing key capital projects effectively is critical to ensure we deliver to market expectations – this includes capital
cost and commercial levels of production guidance to avoid missed revenue, higher costs, reputational damage and share price impacts.
Link to strategy
Strategic pillar 3: Grow the value and quality of our portfolio of assets
Mitigation strategy
The Group’s strategic planning process is key to mitigating this risk, with detailed consideration of LOM capital requirements to support value-accretive
asset delivery. We will develop the Windfall project’s execution strategy with the intention of establishing a project standard for the Group. This will also
incorporate learnings from developing projects at Gruyere and Salares Norte. Our operations have comprehensive near-mine exploration programmes in
place, the performance of which is monitored during quarterly business reviews. Over the past 15 years, our Australian mines have consistently replaced
depleted Mineral Reserves and more.
Board oversight
•
Technical Committee
Threats
•
Mineral Resource conversion to deliver high margin ounces
•
Cost inflation and ability to deliver capital projects on schedule and on budget
•
Significant timeframes from initial exploration phase to project approval and delivery
•
Failure to deliver on guidance
•
Lost opportunities to generate cash-flow and profit
Opportunities
•
Maintaining capital efficiency
•
Maintaining a sustainable production profile
2025 focus areas
•
Completing the development of the Windfall feasibility study to support
final investment decision in early 2026
•
Implementing Salares Norte brownfield exploration programme
•
Implementing a project portfolio management system
•
Updating study, estimating and scheduling standards
GOLD FIELDS Integrated Annual Report 2024
31
5
Delivery of growth through M&A and greenfields exploration (external) (2023: –)
6
Delivery of growth through Mineral Resource management and delivery of capital projects (internal) (2023: –)
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Risks and opportunities continued
Failure to integrate our business partners could impact our ability to deliver on our objectives, and we need to ensure decisions to outsource aligns with the Group’s strategy. This could impact our ability to ensure
our people go home safe and healthy every day (risk 1), as well as our ability to achieve our planned profitability and cash-flows (risk 3) and maintaining our licence to operate (risk 8).
Link to strategy
Strategic pillar 1: Deliver safe, reliable and cost-effective operations
Mitigation strategy
We are appointing specific contractor management resources in high-impact areas like, for example, major projects and operational activities. We further
drive greater inclusivity of contractor employees with the activities and programmes of permanent employees, thus delivering a more integrated and
effective workforce.
Board oversight
•
SET Committee
Threats
•
Business partners subcontracting services and activities
•
Cultural misalignment between Gold Fields and business partners
•
Poor performance by business partners
•
Sustainability of business contractors
Opportunities
•
Supporting and developing emerging business partners as part of our
local skills development objectives
•
Cost, efficiency, skills and expertise benefits which are potentially
associated with business partners
2025 focus areas
•
Developing a Business Partner Framework and supporting processes
The Group’s failure to comply with regulatory requirements or act in accordance with societal expectations for corporate governance and social performance, could impact our social licence to operate – leading to
delayed or cancelled approvals, operational disruptions and reputational damage.
Link to strategy
Strategic pillar 2: Deliver positive social and environmental impact
Mitigation strategy
With our commitment to sustainability as one of our three strategic pillars, we pursue a range of comprehensive 2030 targets devised after extensive work
with our operations – including setting capital budgets to support those commitments – to ensure that, while ambitious in nature, they are achievable.
Board oversight
•
Board of Directors
•
SET Committee
•
Risk committee
Threats
•
Increasing climate-related risk to our operations and communities
•
Increasing political instability and regulatory oversight
•
Changing socio-economic conditions
•
Increasing and integrated sustainability-related financial disclosure expectations
•
Increasing stakeholder expectations of performance and disclosure
Opportunities
•
Using diverse financial instruments to deliver existing commitments
•
Leading nature/biodiversity-positive investment and research
•
Partnering and collaborating with increasingly diverse stakeholders
•
Integrating environmental, social and economic approaches to challenges
•
Collaborating with business partners to improve sustainability outcomes
•
Embracing the changing nature and ways of work
2025 focus areas
•
Continue to create a safe workplace where everyone feels respected,
valued and empowered to speak up
•
Conducting a mid-point review of our 2030 targets and revising tactical
plans accordingly
•
Continuing to deliver on our 2030 ESG commitments
•
Setting 2035 aspirations for the Group
•
Progressing social transition plans for Damang and Cerro Corona
•
Progressing the implementation of the chinchilla capture and relocation
plan at Salares Norte
•
Improving environment and social risk management maturity through risk
architecture and control standard definition
GOLD FIELDS Integrated Annual Report 2024
32
7
Business partner integration (2023: 9)
8
Licence to operate and societal expectations (2023: 11)
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Risks and opportunities continued
Failure to recruit and retain both the required workforce to meet our business needs today and those of the future could result in key-person dependency and the inability to execute on critical elements of the
Group’s strategy.
Link to strategy
Strategic pillar 1: Deliver safe, reliable and cost-effective operations
Mitigation strategy
Gold Fields’ business depends on fit-for-purpose organisational structures filled with capable talent to ensure we meet our current and future operational
and business requirements. In 2024, we implemented a new organisational structure to drive standardised ways of working and provide agility and growth
opportunities that can leverage the experience of our people across the Group. Looking ahead, we will focus on advancing our culture transformation
initiatives to ensure we have the right leadership capabilities supported by fit-for-purpose structures, processes and practices to meet the requirements of
our global business, and drive efficiencies. We continue building the awareness, skills and capabilities of our people to drive a respectful workplace. In
addition, we aim to ensure consistent global standards, processes and systems that make onboarding and integrating new and developing talent simpler
and easier.
Board oversight
•
Remuneration Committee
•
SET Committee
Threats
•
Lack of a respectful workplace that ignores the mental, emotional and physical wellbeing of our
people and their working environment
•
Balancing operational needs with time for capability development
•
Not integrating learning interventions across disciplines and operations
•
High employee turnover
•
Poor engagement levels
Opportunities
•
Revising global talent approach integrated with the functional talent
needs
•
Simplifying the learning landscape and integrating learning moments into
our day-to-day operations
•
Introducing a new performance process based on continuous
performance management and feedback
•
Improving succession and development planning
•
Integrating culture, engagement and diversity, equity, inclusion and
belonging actions into learning offerings
2025 focus areas
•
Revising the global job architecture to align with our new organisational
structure, which defines role requirements and career path opportunities
•
Continuing with Inspire and Ignite programmes and rolling out a
supervisory programme and critical skills development programmes
•
Revising the talent process with functional leads in line with the new
organisational structure, with more specific development planning
focused on on-the-job exposure and development, formal learning and
line management coaching
The Group’s failure to identify and mitigate climate-related events that may impact our operations or ability to execute our strategy, leading to operational disruptions and lost revenue. This risk impacts on our
ability to deliver predictable operating results (risk 4) and meet societal expectations that leads to a loss of licence to operate (risk 8).
Link to strategy
Strategic pillar 2: Deliver positive social and environmental impact
Mitigation strategy
We adopted a comprehensive Decarbonisation Strategy, which specifies our carbon goals for 2030, and our 2025 priorities and includes reviewing and
updating our plans to deliver these 2030 goals. We also seek to leverage international standards and guidelines by, for example, complying with industry
standards like the Global Industry Standard on Tailings Management (GISTM). Given the changing environment and growing impact of rising global
temperatures and extreme weather events, we are reviewing our climate change vulnerability risk assessments. We continue to enhance the resilience of
our operations by rolling out renewable energy initiatives, and have implemented measures to mitigate the potential impact of extreme weather events,
including flood management strategies, extreme temperature response plans and insurance cover.
Board oversight
•
SHSD Committee
•
Risk committee
Threats
•
Operational disruptions due to extreme rainfall events
•
High temperatures impacting underground ventilation strategies
•
Impact of climate change on host communities
Opportunities
•
Greater mix of renewable electricity
•
Leveraging new technologies
•
Improving asset resilience
•
Establishing and strengthening partnerships with government and
communities
2025 focus areas
•
Improving environmental and social risk management maturity
•
Conducting a mid-point review of our 2030 targets and revising tactical
plans accordingly
•
Continuing to implement our Decarbonisation Strategy
GOLD FIELDS Integrated Annual Report 2024
33
9
Access to talent required to execute strategy (2023: 6)
10
Operational impact due to lack of climate adaptation measures (2023: 12)
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Risks and opportunities continued
A weak cybersecurity control environment could lead to unauthorised disclosure of sensitive information or business disruption. This risk impacts our ability to achieve our safety ambitions (risk 1), deliver
predictable operating results (risk 4) and our financial performance targets (risk 3).
Link to strategy
Strategic pillar 1: Deliver safe, reliable and cost-effective operations
Mitigation strategy
In response to the escalating and dynamic global cybercrime landscape, we deployed enterprise-wide software platforms to safeguard critical IT and OT
infrastructure essential to our ongoing sustainability. This includes continuous monitoring of both our internal systems and third-party risks, leveraging
always-on vendor risk management platforms. All activities related to people, procedures and cybersecurity controls are optimised and designed for
continuous improvement. Reinforcing our commitment to best practices, all our mining operations and offices, with the exception of those in Chile and
Canada, hold ISO 27001 cybersecurity certification.
Board oversight
•
Audit Committee
•
Risk committee
Threats
•
Dramatic increases in cyberattacks globally
•
Security posture of OT systems
•
Poor user awareness of new cyber threats
•
Fast changing technological environment, including the rapid availability of AI platforms
•
Rapid digital transformation of the mining value chain
Opportunities
•
Data-driven risk-based approach to cyber response
•
Improved collaboration with business functions
•
Ability to digitise
•
Secure OT systems
2025 focus areas
•
Conducting a Group IT diagnostic and developing and implementing an
agreed IT roadmap
GOLD FIELDS Integrated Annual Report 2024
34
11
Cybersecurity vulnerabilities leading to an incident (2023: 14)
Mining, exploration and environmental work are essential functions at all our operations
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Catastrophic risks
Link to strategy
Strategic pillar 1: Deliver safe, reliable and cost-effective operations
Strategic pillar 2: Deliver positive social and environmental impact
Board oversight of catastrophic risks
SHSD Committee
1
TSF failure
Catastrophic TSF embankment failure
Mitigating strategy
We strive to fully comply with the Group’s TSF Management Policy and Management Standard, as well as
international guidelines like the Australian National Committee on Large Dams, SANS and CDA. Our combined
assurance approach is bolstered by the annual Independent Geotechnical and Tailings Review Board reviews
at Cerro Corona (Peru) and Tarkwa (Ghana), where our four TSFs with “extreme” or “very high” consequence
category ratings are located. In addition, we continue to implement the GISTM in line with targets and timing.
2 Geotechnical
Significant pit wall slope or underground failure
Mitigating strategy
Our portfolio comprises deep-level mines that are seismically active due to induced stresses approaching or
exceeding the strength of the rock mass. Gold Fields’ geotechnical team conducts annual reviews of all
geotechnical incidents and incident types at our operations to identify trends and reduce the likelihood of
recurrence. We aim to use industry best practices in seismological monitoring and analysis, in addition to using
dynamic ground support at relevant operations.
Deformation and seismic analyses performed by the second-line function have not identified any significant
anomalies. Our combined assurance approach is supported by the work conducted by the Geotechnical
Review Board – consisting of independent and internal industry experts – at South Deep for all major projects,
the Australian underground operations (when necessary) and for all pit cutbacks at our other operations in
Australia, Ghana, Chile and Peru.
3 Flooding
Major incident causing loss of life and property damage
Mitigating strategy
The typical design of Gold Fields’ operations considers probable precipitation and flood modelling to ensure
we have appropriate mitigation measures in place. Flooding and other associated risks form part of the ICMM’s
Critical Control Management programme, where control measures are audited internally and verified by
independent parties. We recently initiated a flood study across all of our operations, and we are using the
preliminary outcomes to define risk mitigation priorities going forward.
4 Transportation
Potential incidents while transporting people or hazardous materials by air or bus
Mitigating strategy
We only use reputable and accredited airline companies, and where it is necessary to charter flights, these
companies must be accredited by their respective civil aviation authorities. Where we use buses to transport
employees, we follow a rigorous selection process to award transport contracts. We also apply strict
transportation standards, including inspection and maintenance, and fatigue management, and continually
seek ways to implement new technology. We have undertaken comprehensive risk assessments to ensure
compliance to relevant transportation standards.
5 Fire and explosion
Major incident causing loss of life and property damage
Mitigating strategy
Our operations implement and adhere to mandatory codes of practice and mine standards for fire prevention
and flammable gas explosions. We have second-line guidance and oversight in place across the Group to
address this risk, and we are implementing a Combined Assurance Strategy. Annual independent review of
our fire protection systems occurs as part of the insurance risk engineering review process.
6 Water barrier pillars
Impact of Ezulwini rewatering on South Deep
Mitigating strategy
The reinforced concrete water plugs between South Deep and the neighbouring Ezulwini mine, owned by
Sibanye-Stillwater, are regularly inspected, and an ongoing condition-monitoring programme is in place. A
level two water barrier pillar review at South Deep during 2024 did not identify any anomalies. A lengthy legal
process brought by Sibanye-Stillwater came to a final conclusion at the Constitutional Court in November
2023, reaffirming Ezulwini’s obligations to continue pumping water until the relevant mine closure certificate
has been issued by the regulator, which will take some time. South Deep is working with Sibanye-Stillwater to
ensure Ezulwini remains dewatered.
7
Asset integrity
Material damage to operations or infrastructure
Mitigating strategy
Our technical function developed a risk-based asset management strategy that primarily focuses on the
integrity of physical infrastructure and equipment across the Group. The objective is to provide a consolidated
portfolio view of risk and to enhance our critical controls to ensure safe and sustainable production.
During Q4 2024, the process commenced with a mine-level infrastructure and equipment risk assessment
across all operations, except for Salares Norte and Cerro Corona. The assessment aimed to consolidate and
standardise the classification of risks across the portfolio. The risks identified were found to be almost
exclusively known and mitigated at a mine level.
GOLD FIELDS Integrated Annual Report 2024
35
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Emerging global risks
We continue to be shaped by the risks and opportunities which exist within the broader global context. We closely observe and seek to manage these longer-term strategic and emerging risks –
prioritising them as needed, including them in strategic planning reviews, engaging with our stakeholders on them and adjusting mitigating actions to protect the sustainability of our business.
Impacts
Risk mitigation
Deepening geopolitical and geo-economic tensions
On a macro level, geopolitical risks have the potential to impact the global economic outlook,
influencing growth, inflation, financial markets and supply chains. Conflicts – like those between
Ukraine and Russia and between Israel and Hamas in Gaza – fuel regional instability and impacted
energy and food security, with higher prices leading to increased inflation rates. The political
approach taken by the new US administration could also prove more challenging. In this context,
Gold Fields’ portfolio decisions on jurisdictional preferences, what to invest in and which stakeholder
relationships to establish and strengthen, become increasingly important.
• The growth of resource nationalism, protectionism and
populist movements in recent years has created an
environment of increasing uncertainty
• Disruptions to global supply chains and inflationary
pressures could impact our operations
• Investment decisions need to be informed by a
thorough understanding of country, regional and
business partner risks
• Building supply chain resilience requires comprehensive
due diligence processes, stronger supplier relationships,
technological investment and sustainable practices
The increasingly urgent reality of environmental risks
Climate change is forecast to result in more frequent and severe weather events like hurricanes,
droughts, floods and wildfires. The risk of biodiversity loss and ecosystem collapse is expected to
increase dramatically over the next decade. These factors could not only have a direct impact on our
mining activities, but also potentially alter the socio-political context in which our operations exist.
• Damaged infrastructure and disrupted supply chains,
leading to resource scarcity and economic instability
• Water scarcity in drought-impacted regions, leading to
operational disruption and potential water conflict with
stakeholders in catchment areas
• Mining carries a heightened risk to the environment and
biodiversity. Resistance to mining could increase if
environmental risks materialise
• Mining can be a means for financing alternative
livelihood paths in impacted communities that, over the
long-term, may prevent biodiversity loss
• Recognise and manage water conflict-related risks
• Deliver climate change mitigation measures, including
reducing carbon emissions
• Implement nature-positive measures having considered
ICMM guidance
Technological risks and opportunities
Gold Fields is faced with immediate pressures created by the depletion of deposits, rising operational
costs and skills shortages, alongside calls for long-term positive sustainability impacts. Injecting
advanced technology like AI, digital twins and predictive analytics into our operations could make
them more cost effective and resilient. Whether these technologies can be effectively implemented in
a talent-constrained environment remains uncertain.
• On a macro level, AI will be disrupting global markets
and business models, but also offering opportunities for
efficiency gains
• In the medium to long term, the risk of adverse
outcomes of AI technology could be a material factor
• Our industry peers are investing in innovation and Gold
Fields’ failure to effectively follow suit could result in the
Group falling behind the competition
• Reskill and upskill our workforce to harness these
technologies
• Explore and implement opportunities presented by AI
• Constantly review our AI Policy to ensure it addresses
ever-changing opportunities and risks
GOLD FIELDS Integrated Annual Report 2024
36
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
GOLD FIELDS Integrated Annual Report 2024
37
Environmental work and community outreach are critical functions for our
team in Cerro Corona in Peru
Building a safe and respectful
workplace
38
Host communities
46
Governments
52
Environmental stewardship
57
In this section
Our commitment to
responsible mining
Sustainability has long been part of Gold Fields’ way of doing business, and we
have sought to integrate sustainability matters into the operational and
financial management of our operations. We strive to take care of the
environment while we mine, create value for our stakeholders, meaningfully
invest in our host communities and adhere to the highest ethical standards.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Building a safe and respectful workplace
Protecting the health, safety and wellbeing of our people remains our number one value and is core to
everything we do. Gold Fields is committed to creating safe and respectful workplaces and guaranteeing that
everyone who works at Gold Fields goes home safe and well every day.
We believe that a fatality and serious injury-free business is possible, and we recognise that our responsibility
extends beyond protecting the physical safety and occupational health of our people: we must ensure their
psychosocial wellbeing as well.
Workforce by Group and country (end-December)
Total
workforce
Employees
Contractors
Proportion of
nationals1
2024
2024
2023
2024
2023
2024
Australia
4,340
1,929
1,879
2,411
1,895
77%
South Africa
5,266
2,613
2,582
2,653
2,574
89%2
Ghana
7,112
772
823
6,340
5,781
100%
Canada3
582
203
—
379
—
—
Chile
3,336
502
471
2,834
3,300
97%
Peru
2,116
404
418
1,712
1,678
100%
Corporate
138
137
124
1
1
58%
Total
22,890
6,560
6,297
16,330
15,229
87%
1 Employees only
2 Most of the remaining employees are Southern African Development Community nationals
3 Apart from the total workforce, employees and contractors number for the Windfall project, these employees and
contractors are excluded from all other human resource and host community indicators
Gold Fields has a total workforce of 22,890 people across six countries – this includes our 16,330
contractors, who are critical to our success. Our long-term focus on host community employment continues to
influence our workforce profile: host community members comprise 52%RA of our workforce (2023: 51%). This
aligns with our strategy of creating value for the communities in the countries where we operate (read more
on p46).
Key human resources metrics (end-December)
Category
2024
2023
2022
2021
2020
Total workforce
22,890
21,526
23,084
22,110
18,412
Minimum wage ratio1
2.00
2.10
2.41
1.78
1.71
Female employees (%)
25RA
25
23
22
20
Ratio of basic salary women
to men
0.95
0.94
0.97
0.70
0.69
Employee wages and benefits
(US$m)2
498
453
468
463
412
Average training spend per
employee (US$)
1,930
1,400
1,411
1,397
1,211
Employee turnover (%)
14
13
16
12
11
1 Entry-level employee wages compared with local minimum wage. This ratio excludes Ghana, as the mines only employ
management-level employees with contractor mining in use at both of our mines
2 This excludes benefits
GOLD FIELDS Integrated Annual Report 2024
38
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Building a safe and respectful workplace continued
Safety performance
We aim to guarantee that our people go home safe and well every day. Tragically, we fell short of this
commitment in 2024, and it is with profound sadness that we reported two fatalities at our operations during
the year. On 2 January 2024, a South Deep employee, Khathutshelo Khaukanani, was fatally injured in an
underground incident involving trackless mining equipment. A second fatal incident occurred in Australia on
23 April 2024, when Eli Kelly, who was employed by one of the mine’s business partners, was fatally injured
in a mobile equipment-related incident at a construction site on St Ives.
A tragic, non-operational incident also occurred off-site on a public road on 21 October 2024, where a
subcontractor was fatally injured while transporting a raise bore rig from Agnew. We recorded threeRA serious
injuries this year, compared to six in 2023.
We cannot claim to be a safe business until we sustainably eliminate serious injuries and fatalities across the
Group. We have not yet achieved this, but we recognise the continual improvement in reducing all injuries
and, in particular, reducing the number of serious injuries by over 80% since 2018.
The severity of lost time injuries (LTIs), as measured by days of work lost per millions hours, reduced to
19 days in 2024 (2023: 28 days), while the LTI duration rate declined to 29 days (2023: 45 days). Our total
injury exposure, as measured by the total recordable injury frequency rate (TRIFR), deteriorated from 2.36 in
2023 to 2.62RA recordable injuries per million hours worked in 2024. The number of near misses reported
during 2024 was 1,915RA (2023: 2,325).
We continue to track a set of leading and lagging indicators across all operations and projects to monitor the
quality of our safety leadership, risk mitigation and response to address deviation. We also strengthened our
approach to learning-from-incidents by building capacity for higher-quality incident investigations through
multi-disciplinary teams. These lessons are also shared with our senior leaders.
In addition to addressing the culture and human behaviours that lead to unsafe practices, we continued to
focus on engineering and technical solutions, including advanced AI, which make our operations safer and
remove people from the risk exposure. This includes managing geotechnical risks, both at our underground
and open-pit operations, collision avoidance technologies and utilising teleremote operations where
possible.
Group safety performance (employees and contractors)
2024
2023
2022
2021
2020
Fatalities
2
2
1
1
1
Serious injuries1
3RA
6
5
9
6
LTIs2
29
27
31
30
32
Total lost time injury frequency rate (LTIFR)
0.66RA
0.62
0.60
0.62
0.72
Employee LTIFR
0.78
1.11
0.64
0.67
0.91
Contractor LTIFR
0.61
0.44
0.58
0.59
0.62
Total TRIFR3
2.62RA
2.36
2.04
2.16
2.40
Employee TRIFR
3.29
3.68
2.04
2.35
2.91
Contractor TRIFR
2.39
4.37
2.04
2.08
2.13
Severity rate4
19
28
19
19
32
1 Since 2019, we have applied Gold Fields’ definition to classify serious injuries, whereby a serious injury incurs 14 days or more of work lost and results in one of a range of injuries detailed at www.goldfields.com/safety.php
2 LTI is a work-related injury resulting in an employee or contractor being unable to attend work and perform any of their duties for one or more days after the injury
3 TRIFR = (fatalities + LTIs + restricted work injuries + medically treated injuries) x 1,000,000/number of hours worked
4 Severity rate = days lost to LTIs/hours worked x 1,000,000
GOLD FIELDS Integrated Annual Report 2024
39
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Building a safe and respectful workplace continued
Our safety improvement plan
In February 2024, we initiated an independent safety diagnostic of our Group’s safety leadership, processes,
systems and practices to identify opportunities to accelerate our safety journey. The review by dss+ found
many good practices within the Group, including key management systems and governance structures with
safety integrated into most management processes. We have started to leverage these practices across our
global operations. There are, however, also areas where the diagnostic emphasised areas of improvement,
which related particularly to the impact of leadership, achieving greater levels of standardisation across all
operations and optimising our approach to risk management.
The insights and expertise gained from our employees and business partners through the safety review
served as the foundation of the safety improvement plan, which aims to eliminate fatalities and serious
injuries through a multi-year, Group-wide safety programme. The plan is based on four focus areas, covering:
leadership and culture; resilient risk reduction; building capability; and business partner management.
Leadership and culture
We plan to develop leaders and ensure our people truly believe in our ambition to eliminate all serious
incidents, injuries and fatalities. We intend to work with leaders across all levels to demonstrate visible safety
leadership and foster an environment where everyone feels trusted, valued and heard. For several years, our
safety engagements served as a critical leading indicator. Typically, these range from leadership
engagements to critical control verifications and peer-to-peer interactions on unsafe conditions. We are
resetting the foundation for our safety engagements by deliberately focusing on Visible Felt Leadership,
building capability with our leaders, providing them with the right tools to hold quality conversations, set
expectations for the management of risks and enabling a culture of safe and transparent reporting.
Building on lessons from previous work, our approach to safety leadership has evolved to acknowledge that
good leadership does not depend on the subject matter, but rather on the capacity of leaders being
developed. We are therefore integrating our safety leadership requirements into our broader leadership
development efforts.
Resilient risk reduction
We are revisiting our processes and systems to ensure we effectively reduce risks by simplifying systems,
improving controls and holding each other accountable to eliminate serious injuries and fatalities. Our desired
outcomes include the following:
• Risks are actively monitored and verified to reduce our people’s exposure and to boost operational
resilience
• Risks are anticipated, adapted and responded to by competent risk owners
• Metrics drive heightened diligence and continuous improvement
• Learning happens from failures to prevent recurrence
We implemented a risk containment process at our operations to rapidly build our leaders’ capabilities to
identify risks, as well as engage in constructive conversations in the field to address those risks identified.
During the year, 281 leaders across five operations completed formal risk containment training, which was
conducted by an independent expert, followed by coaching on effective field engagements. We will expand
this process to all operations in 2025, which will form the foundation for ongoing leadership development.
Our Group Technical team provides strong technical expertise into the design of risk controls and assurance
over our catastrophic and other safety risks, and support the piloting and testing of new and advanced
technologies for further risk reduction.
GOLD FIELDS Integrated Annual Report 2024
40
Courageous Safety Leadership programme
In 2019, Gold Fields adopted a Courageous Safety Leadership programme across all operations to
support our objective of eliminating serious injuries and fatalities. The programme intends to equip every
person working at Gold Fields to become a Courageous Safety Leader by identifying unsafe approaches
to work, stopping them and assisting in implementing solutions designed to ensure safe outcomes. The
programme continues to be facilitated by leaders within the business and is a requirement for all
employees and contractors.
To date, over 34,000 people have attended the programme – 6,100 people in 2024, including senior
leaders from our Board and Executive Committee.
Managing geotechnical risks
The mining industry continues to face geotechnical challenges due to ageing of certain mines and a trend
toward mining deeper pits and more complex, often deeper underground deposits. This leads to higher pit
walls, more complex underground environments, increased exposure to geotechnical instability, and
increased propensity for seismic damage and hydrological impacts.
The Group’s geotechnical team conducts annual reviews of all geotechnical incidents and incident types at
our operations to identify trends and reduce the likelihood of incident recurrence. There were 43 incidents
within our open pits in 2024, a marginal improvement from 2023, notwithstanding two new pits being mined
and existing pits deepening during this period. We recorded 32 geotechnical incidents in our underground
mines during the year (2023: 42). Dynamically driven ground support failure accounted for 37% of these,
static falls-of-ground for 43%, and backfill issues the remainder.
Our portfolio consists of deep-level mines which are seismically active due to induced stresses approaching
or exceeding the strength of the rock mass. South Deep had six damaging seismic incidents in 2024, while
our underground mines in Western Australia – at Granny Smith, Agnew and St Ives – recorded five events.
We aim to use industry best practices in seismological monitoring and analysis, in addition to using dynamic
ground support in these operations. We further mitigate this risk through geotechnical risk management
practices like improved support and standards, backfilling and stabilising pillars and, to identify seismic
activity early, we perform seismic analysis and have seismic monitoring systems in place.
At South Deep, pre-conditioning is undertaken in all destress areas to fracture the rock mass ahead of
work being done. Geotechnical Review Boards help implement industry best practice geotechnical design;
monitoring; mine design; extraction sequencing; and ground support implementation, specifically at
Cerro Corona, South Deep and Agnew.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Building a safe and respectful workplace continued
Modernisation and mechanisation to improve safety and health
Advancements in technology continue to transform the mining industry, and safety is one of our key
drivers to further modernise and mechanise activities in our mines.
The ICMM formed a partnership with the Earth Moving Equipment Safety Round Table Group to
ensure safe and effective deployment of vehicle interaction and collision avoidance system (CAS)
initiatives. Gold Fields opted to implement both operational and reactive controls to address vehicle
interaction concerns, and is collaborating with technology suppliers to enhance system reliabilities.
As part of the operational controls, fatigue management systems are being deployed in open-pit
operations. These systems are starting to improve the number of fatigue events reported, as well as
operator discipline – particularly at our Ghanaian mines, which is also pioneering an ICMM-led
vehicle interaction site programme.
For reactive controls, we are implementing CAS in both open-pit and underground operations.
Gold Fields completed a Group Open-pit Minimum Standard, which requires that all mobile
equipment entering open pits from 2026 must be fitted with an approved CAS system (level 8).
Open-pit mines with a LOM beyond 2030 must upgrade this CAS functionality further to level 9 by
December 2027. Underground level 9 CAS deployment at South Deep is set for completion during
2025, while the Australian mines will be piloting level 8 systems during 2025.
Work in this area includes installing more advanced detection sensors to prevent machine-to-
machine or machine-to-person collisions by slowing down and then stopping the machine
completely. In addition, cap lamp detectors will help prevent machine-to-person or machine-to-
machine collisions by slowing down the machine and stopping it automatically.
The work on underground vehicles has been extended to ensure reduced diesel emissions through
the introduction of low emission and zero emission vehicles. In finding these solutions, our teams
work with our peers and equipment manufacturers via the ICMM’s Innovation for Cleaner Safer
Vehicles initiative. Work is progressing, but to date pilot projects at our mines have produced mixed
results.
Another critical safety initiative is identifying opportunities to remove people from active mining areas
via teleremote loading, rock breaking and managing underground mining activities from the surface.
At South Deep, teleremote longhole stope drilling capabilities were installed, while we use
teleremote load haul dump surface operations across our Australian underground mines.
Building capability
Building capability within our Company is key to the sustainability of our performance and ensuring our
people feel safe enough to report and mitigate risks. In doing this, we aim to deliver the following:
• Leadership at all levels have the capabilities to actively lead and influence the organisation to reduce risks
• Our teams understand the risks in the workplace and how to react to them
• Competent safety and health professionals are actively supporting the organisation in reducing and
overseeing risk reduction
Our new organisational structure includes a strengthened Group safety and health function. The safety
improvement plan implementation facilitates collaboration, alignment and delivery of practical processes and
systems through cross operational and functional working groups. We also established external support to
coach and mentor our safety professionals.
In building the foundation, our attention will shift toward frontline supervision, understanding the barriers to
effective safety management and ensuring processes are implemented to eliminate these barriers.
Business partner management
Contractors constitute 73% of our total workforce and play a critical role in helping us run our business and
achieving our safety aspirations. We started developing a comprehensive framework that aligns and
integrates the operations of our business partners with our values and standards. By developing this
framework, we hope to:
• Set criteria to guide the decision to outsource work and the criteria for partnership
• Clearly define performance requirements, accountabilities and expectations of everyone when outsourcing
work
• Build processes and systems to identify and manage high-risk exposure of work we outsourced and
ensure a consistent approach to applying and verifying controls
• Build leadership and technical capabilities to manage outsourced work
• Ensure these requirements are effectively implemented, monitored and assured
Foundational work for the workforce includes integrating business partner data into our database,
streamlining processes and ensuring more effective oversight and engagement.
GOLD FIELDS Integrated Annual Report 2024
41
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Building a safe and respectful workplace continued
Health and wellness
Occupational diseases
Our people are exposed to potential hazards in our workplaces that could impact their health. Typically,
these hazards include noise, exposure to fumes, dust, diesel particulate matter and a range of
musculoskeletal impacts. Given the diverse nature of our operations, controls at our sites are tailored in
accordance with the risk that potential hazards may pose to reduce any exposures to levels that are as low
as reasonably achievable.
We have the same approach to managing occupational health hazards as managing physical safety, with
risk assessments as the foundation of how we design control mechanisms and the intensity of the monitoring
associated with the effectiveness of those controls. We adopt a proactive approach to exposure limitation
by monitoring actual exposures, with action limits set to avoid exceeding any defined occupational
exposure limits.
The number of occupational disease cases recorded during 2024 decreased to 26 from 29 in 2023.
Musculoskeletal disorders made up 17 of the cases (2023: nine), noise-induced hearing loss threeRA
(2023: eight) and Cardio-respiratory Tuberculosis six (2023: eight). No new cases of SilicosisRA or chronic
obstructive airway diseases were reported in 2024. All Cardio-respiratory Tuberculosis cases were
recorded at South Deep, while three musculoskeletal disorder cases occurred in Ghana, 13 in Australia and
one in Peru.
Diesel particulate matter from large machinery poses a risk to our workforce at our underground operations
in South Africa and Australia. We have a targeted programme in place to reduce potential exposures, which
includes filtration placed on equipment; adequate ventilation; routine maintenance of equipment; use of low
sulphur fuel; and implementing operating practices that successfully reduce potential exposures over time.
During the year, 7% of personal samples exceeded the occupational exposure limit for diesel particulate
matter (2023: 3%), which we are seeking to address through coordinated interventions.
Silicosis and Tuberculosis
At South Deep, airborne pollutant exposures and suppression remain a key focus area as they increase the
risk of TB and Silicosis. South Deep has a TB rate of 0.1% among its employees, compared to a national
average of 0.5%% in South Africa.
We have automated systems in place that actively suppress dust, and we continuously monitor our controls
to ensure these remain effective. Where practical, we also remove our people from areas of potential risk.
Our employees are educated on the importance of dust suppression, and are equipped with the necessary
personal protective equipment (PPE).
The dust suppression programme is also supported by medical screening to aid in early detection of any
potential effects. In line with a continued decline in potential exposures, no new cases of Silicosis or chronic
obstructive airway diseases were reported at South Deep in 2024. Furthermore, South Deep has also not
had any new Silicosis cases from individuals that joined the industry after 2008 – consistent with the
industry trend.
In May 2018, Gold Fields and five other South African gold companies reached a historic settlement with
claimant attorneys in a Silicosis and Tuberculosis class action. A settlement trust, known as the Tshiamiso
Trust, was established to execute the terms of the settlement and ensure all eligible current and former
mineworkers across southern Africa with Silicosis or work-related Tuberculosis (or their dependants, where
the mineworker has passed away) are compensated. At 31 December 2024, the Trust had paid out over R2bn
(US$109m) to 21,416 industry claimants. The provision for Gold Fields’ share of the settlement of the class
action claims and related costs amounted to R92m (US$5m) at year-end.
Noise-induced hearing loss
Exposure to high levels of noise from machinery and equipment present a risk of noise-induced hearing loss
for our employees. New noise-induced hearing loss cases decreased slightly during the year, with two cases
reported at South Deep (2023: six) and one at St Ives in Australia (2023: two). As far as reasonably possible,
all new equipment purchased should not exceed noise levels of 107 dB(A), in line with the 2024 South African
industry milestone.
We continue to mitigate exposure by applying engineering and administrative controls at all high noise-
emitting sources. This includes installing silencers; purchasing less noisy equipment where possible;
identifying and zoning noise areas; and providing personalised hearing protection devices to employees.
We also provide fit-testing for hearing protection to ensure PPE is effective – it also educates our employees
on how to fit such equipment accurately.
HIV/Aids
HIV/Aids is a particular risk for the South African population and is therefore a focus at South Deep. The
percentage of HIV/Aids cases at South Deep in 2024 was 19.6% of the workforce (2023: 19.7%). By year-
end-2024, 1,036 of the workforce were living with HIV/Aids, of which 1,007 are on highly active anti-retroviral
therapy (HAART) treatment. The mine continues to offer voluntary counselling and testing (VCT) to
prospective and permanent employees, as well as our business partners. During 2024, 5,381 counselling
sessions were conducted. At South Deep employees and their immediate relatives are covered for their
treatment by their medical aids. Employees who decline treatment are closely monitored and counselled
on a regular basis.
HIV/Aids is less of a risk in Ghana, where the national HIV/Aids rate is below 2%. However, we offer free VCT
to employees and contractors and run several educational programmes. During 2024, 35%, or 2,503 of our
workforce in Ghana underwent VCT (2023: 47%) and nine workers were enrolled in HAART (2023: nine). We
identified four new HIV/Aids positive cases among our Ghana workforce, bringing the number of employees
living with HIV/Aids to 33.
Among South African and Ghanaian employees, 581RA were on HAART during 2024, while 64%RA of the total
workforce in these countries were part of the VCT programme.
Malaria
In Ghana, our employees face a high risk of exposure to malaria. The region has a comprehensive malaria
control strategy in place, which includes education initiatives, prevention, prophylaxis and treatment. We also
provide mosquito repellent to our workers, support for community health facilities and rapid diagnosis and
treatment. In 2024, 342RA employees (2023: 460) tested positive for malaria.
GOLD FIELDS Integrated Annual Report 2024
42
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Building a safe and respectful workplace continued
Supporting our safety transformation and preventing psychosocial harm
Our commitment to guaranteeing everyone goes home safe and well every day extends beyond physical
injury to people’s psychological health and emotional wellbeing. We seek to create a safe workplace where
everyone feels respected, valued and empowered to speak up, and we do not tolerate any form of
harassment, bullying, discrimination or harmful behaviour.
Our cultural transformation journey reflects a deep commitment to creating a workplace defined by care,
respect, inclusivity, connectedness and accountability. We aspire to become a diverse and inclusive team,
proudly embodying the Gold Fields values and culture. Together, we want to grow our capabilities and
potential to deliver meaningful impact. This journey is focused on building leadership capability; establishing
effective structures, routines and practices; ensuring our people are equipped with the appropriate skills and
capabilities; and building systems, standards and processes that support collaboration and efficiency.
In 2024, our efforts centred on integrating and refining culture priorities to ensure our commitments are
implemented systematically. The insights gained from the independent culture review conducted by EB&Co,
along with the findings from the comprehensive independent safety review undertaken in 2024, serve as the
foundation for our ongoing efforts to strengthen and evolve our culture.
We continue implementing EB&Co’s recommendations, with progress built into leadership key performance
indicators (KPIs) and overseen by the SET Committee. Our progress is further monitored by annual culture
check-ins.
Key milestones during the year include establishing the Respectful Workplace Advisory Council to drive the
implementation of recommendations from the review and provide critical guidance on advancing our culture
commitments, as well as developing a tailored Respectful Workplace toolkit to assist leaders at all levels to
have challenging and important conversations that underpin the respectful, caring and inclusive workplace.
For more information on how we leverage culture for improved delivery, refer to our Report to Stakeholders.
In February 2025, we published an 18-month review of the progress Gold Fields made in implementing
EB&Co’s recommendations. The focus was on cultural transformation, leadership accountability and
meaningful structural changes that reinforce our commitment to a safer and more respectful workplace.
With most EB&Co recommendations well advanced – but some yet to meaningfully impact our people’s lived
experience – we are shifting focus to embedding the recommendations into our broader culture and safety
workstreams. While the 21 recommendations have driven significant change, from 2025, our Respectful
Workplace efforts will focus on key areas that deliver a greater impact on employees’ daily experiences.
The dashboard below tracks our progress.
Inclusive and committed leadership
Prevention and early
intervention
Dignity and human
rights at work
Person-centred responses
Business partners included
Monitoring, transparency
and accountability
■Gold Fields’ Board, CEO and Executive Committee should take
responsibility for cultural change
■Gold Fields should invest in specialist diversity, equity, inclusion and
belonging expertise and capability at a senior level across regions
■The Board, CEO and Executive Committee should provide the
workforce with a signed statement that commits to a safe, respectful
and inclusive workplace
■The Executive Committee should cascade the need for personal
leadership action plans to all levels of management across the
Group
■Leaders at all levels should be held accountable for the culture,
health and wellbeing of their teams and initiate regular dialogue
about the case for change
■Leaders should be provided with the capability and practical skills
to address harmful behaviour
■Recruitment and promotion practices should ensure people
appointed to leadership roles have the capacity to deal with harmful
behaviours in the workplace
■The CEO and Executive Committee should select up to 20 people
from across the Group to assist with the culture change process
■Address hazards and
risks associated with
harmful behaviour as
safety risks
■Provide global specialist
education across the
Company on the case for
change
■Review training practices
at all locations,
recognising that trainers
are key to influencing
new and existing
employees in relation to
workplace culture
■Review and revise all
policy frameworks to
create a simplified global
framework for all harmful
behaviours
■Audit all facilities and PPE
to ensure safety,
inclusion, respect and
dignity for all employees
■Regularly monitor, review
and address structural
barriers affecting people
seeking appointment or
promotion
■Establish a discrete unit
for disclosing and
reporting incidences of
harmful behaviour
■All investigations into
harmful behaviour should
be undertaken with a
trauma-informed
approach and be
confidential, transparent
and fair
■Senior leaders should
engage with business
partners and contractors
to obtain a deeper
understanding of their
lived experience of
working at Gold Fields
■Where relevant,
incorporate in contracting
arrangements with
business partners access
to all harmful behaviour
data involving Gold Fields
employees
■Readminister the survey
from the EB&Co review
every two to three years
through an independent
reviewer
■Track and report progress
to the Board and
Executive Committee on
a quarterly basis
■Expand its ESG metrics
beyond gender diversity
to incorporate other
diversity metrics and
measures of inclusion,
psychological safety and
culture
GOLD FIELDS Integrated Annual Report 2024
43
n Completed n On track
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Building a safe and respectful workplace continued
Creating a diverse and inclusive workforce
At Gold Fields, we understand that harnessing diverse perspectives, experiences and attributes is a key
driver of business performance. We believe a diverse and inclusive workforce enables us to deliver better
outcomes and are working to create an organisation that reflects the demographics of the countries and
communities in which we operate. This goal can only be realised by building a workplace culture that holds
safety, wellbeing, inclusivity and respect at its core.
We made significant progress in advancing these priorities. This includes developing a clear roadmap,
guided by insights and recommendations from the Respectful Workplace Advisory Council, to ensure we
work in an environment where everyone contributes to Gold Fields’ purpose.
Progress against our diversity and inclusion focus areas is measured through lead indicators like succession
planning, risk of employee departures and other key factors that drive our workforce composition. At the end
of December 2024, 25%RA of Gold Fields’ employees were women, same as in 2023. The percentage of
women in core mining roles rose to 56% (2023: 54%), while the percentage of women in leadership improved
from 27% in 2023 to 28% in 2024. While these statistics show room for improvement, it is pleasing to see the
steady increase in female representation over time: in 2016, only 16% of our workforce were women; 15% at
management level and 8% in core mining roles.
The basic salary ratio for women to men was 0.95 in 2024 (2023: 0.94), reflecting our focused recruitment,
retention and development of women, as well as salary adjustments where necessary.
In South Africa, legislation requires strong representation by HDPs in the workplace. South Deep is making
good progress in this regard, with 80% of the workforce HDPs and 66% of senior management. Women make
up 28% of South Deep’s workforce, the highest level in the Group. South Deep launched a Women’s
Advisory Council in Q4 2024, comprising a cross-section of female employee representatives across all
levels. The council will support the Employment Equity Committee to integrate our diversity aspirations and
embed the Group’s broader culture transformation drive.
Refining our organisational structure
On 1 July 2024, we implemented our redesigned organisational structure and transitioned from a three-
layered (Group, regions, operations) structure to a two-layered (Group, operations), function-led organisational
structure, which supports safe and reliable portfolio performance. The new organisational structure also
provides more agility, along with stronger functional leadership, guidance and support to the operations, as
our portfolio evolves to enable the delivery of our strategy. We believe the new organisational structure will
drive standardised ways of working and provide agility and growth opportunities that can leverage the
experience of our people across the Group. Our operations will be empowered to focus on their core
mandate of safe, reliable, cost-effective production driven by a single, united global team that works
collaboratively towards shared goals.
Talent and leadership development
The changes to our organisational structure served as a strategic opportunity to review and optimise existing
talent, ensuring that the right individuals and new capabilities are aligned with future structural needs. We
conducted a comprehensive talent review of our senior leaders to equip the Group for sustained growth and
success. We also reviewed how we measure, recognise and reward our people for their performance to
drive our desired business outcomes and the culture we seek to foster.
Under the new organisational structure, talent is managed by discipline based on role-specific requirements
that have now been standardised across the Group. This defines career pathways by discipline and presents
cross-disciplinary opportunities, and will be implemented in 2025. A key focus area will be on building line
manager capability to manage performance and talent.
We believe that our training and development programmes continue to attract new talent and develop the
skills required by an evolving mining landscape, including increasingly mechanised, modernised and
automated mines. In 2024, we invested US$1,930 per employee in training (2023: US$1,400).
GOLD FIELDS Integrated Annual Report 2024
44
Employees from Windfall in Canada are now part of the Gold Fields workforce
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Building a safe and respectful workplace continued
Attracting and retaining our talent remains a focus area as we continue to build our brand and employee
benefits. Critical role turnover for the Group was 7% in 2024, against a target of 5%, but an improvement on
the previous years. Our Western Australian operations in particular had high turnover levels of 13% amid
retention challenges in a fiercely competitive skills market. Factors influencing the workforce in Australia
include skills shortages in crucial job categories and the mobile nature of the fly-in, fly-out workforce.
We recognise the important role of leadership and continued to implement our leadership development
programme for senior managers, middle managers and graduates during the year, and are working towards
a new supervisory development programme to enhance our overall leadership effectiveness in 2025.
In doing this, we can equip our leaders with the capabilities needed to manage people, processes and
systems to realise our 2035 aspirations safely and predictably.
Integrating Windfall employees into the Group
In May 2023, we partnered with Osisko Mining to develop and mine the underground Windfall project in
Québec, Canada through a 50/50 JV. This year, we completed a transaction to acquire Osisko Mining to give
Gold Fields 100% ownership of the Windfall project and the extensive surrounding exploration camps. The
transaction marked an important step in our journey to continue improving the quality of our portfolio. While
the creation of the JV enabled the Gold Fields and Osisko Mining teams to familiarise themselves and learn
to work together, the focus since the acquisition has been on fully integrating the Windfall team into Gold
Fields. This has been supported by the recent organisational structure changes, which connected our
Windfall team members to their broader functional colleagues.
Organised labour
We continue to uphold our employees’ rights to freedom of association and collective bargaining, and ensure
our contractors also abide by these standards.
Trade union membership among our employees is as follows:
• South Africa: 74%
• Ghana: 0% employees and an estimated 46% of contractors
• Chile: 67% of employees and 0% of contractors
• Peru: 22% of employees and 0% of contractors
In accordance with legislative requirements, we do not collect data around union representation for our
employees or contractors in Australia. We have enterprise agreements in place with most of our employees,
effective until June 2026. Our senior employees have individual employment contracts.
In February 2024, South Deep concluded a two-year extension to its three-year wage agreement with
organised labour. The mine has a stable labour relations environment with its representative trade unions,
particularly the National Union of Mineworkers, of which about 75% of the workforce are members.
Our employees in Ghana are currently not unionised and union membership among the largely contracted
workforce is close to half.
In Chile, the mining industry has the highest level of unionisation. At Salares Norte, a new labour agreement
was signed in July 2023, which updated the conditions and benefits at the site until July 2025.
Our Peruvian operations were impacted by increased trade union activities – often resulting from
restructuring – and new labour laws. At Cerro Corona, we were still operating under our three-year labour
agreement concluded in October 2022.
GOLD FIELDS Integrated Annual Report 2024
45
Gender diversity, modernisation and skills development are important attributes for the Gold Fields way of working
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Host communities
Our host communities are key stakeholders as their support underpins
our social licence to operate which, in turn, impacts our ability to create
enduring value. We aim to consistently deliver on our sustainability
commitments and earn the trust of our host communities through
purpose-led social impact and nature-positive performance that seeks
to enhance lives.
These communities include individuals living near our operations who
are or could be affected by our exploration, construction, operational
or divestment activities. Each Group operation identifies its host
communities to secure its legal and social licence to operate. An
estimated 800,000 people live in approximately 60 communities
surrounding our nine mines.
We strive to continuously improve our social performance, recognising
that empowered host communities contribute to the resilience and
success of themselves and our business. While financial and other
assistance are provided where appropriate, we believe the most
sustainable benefit we can deliver is empowering our host
communities to achieve long-term social, economic and environmental
resilience. To this end, we prioritise host community procurement, job
creation and SED investment, while striving to avoid or minimise
adverse impacts.
Our Host Community Value Creation Strategy is instrumental in
ensuring we maintain our social licence to operate. The strategy
guides our social performance and distinguishes between the
following host community value creation levers:
• Host community procurement (p48)
• Host community employment (p48)
• SED investment in host communities (p49)
• Legacy programmes in our host communities (p49)
We also apply a community relations standard and provide guidelines
on managing material social impacts and risks, including illegal mining
and the rights of Indigenous Peoples (p49).
Our Group Community Policy Statement underscores our commitment
to cultivating mutually beneficial relationships with our host
communities, host governments and other key stakeholders through
meaningful and transparent engagement. Our Group Community and
Government Charter promotes trust-building, value creation, impact
measurement and accountability. In line with the Charter’s
commitments, our operations update and implement government and
community action plans annually.
Our community relations programmes depend on ongoing stakeholder
engagement and grievance management. All our operations have
stakeholder engagement plans and grievance mechanisms to address
and resolve grievances effectively.
For more details, refer to our 2024 ESG databook.
*
National value distribution equals total value distribution less payments to
capital providers. See p24 for total value distribution
GOLD FIELDS Integrated Annual Report 2024
46
US$1.27bnRA
(35%RA of national
value distribution of US$3.73bn.
National value distribution
breakdown is provided on p24)
Procurement spend
US$1,121mRA
Employee wages
US$137m
SED investment
US$16.6mRA
Australia
US$440m
South Africa
US$151m
Ghana
US$647m
Peru
US$37m
Host community
value created
2024 host community value creation at a glance
Number of suppliers and jobs in host communities in 2024
794
11,017
host community
supplier companies
host community jobs in the mine value chain,
comprising:
2,475
462
employees
suppliers1
7,222
858
contractors
non-mining jobs
1 In Ghana
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Host communities continued
Measuring host community value creation
We seek to continually enhance our understanding of the value we create and impact we have on our host
communities by measuring the impact of our procurement, employment and SED investment. We created
between US$677m and US$1.27bn in community value annually for the past seven years. This amounts to
over US$6.3bn – a sustained and significant investment in the economic wellbeing of our host communities.
One of our sustainability commitments is to share 30% of the value we distribute with our host communities
by 2030. In 2024, 35%RA (US$1.27bnRA) of the US$4.2bnRA of national value the Group distributed remained
with our host communities (2023: 33% (US$1.09bn) of US$3.29bn).
See p19 – 22 for more on our 2030 ESG targets and the mid-term review planned for 2025.
As part of our commitment to enhancing transparency in responsible mining practices, we began reporting on
seven of the ICMM’s Social and Economic Reporting Framework (SERF) indicators in 2023. The framework's
eight core indicators of social and economic contribution set a benchmark for the mining sector. Our ESG
databook provides detailed disclosures on our performance against the SERF indicators during the year.
Where relevant, SERF indicator alignment is also referenced in this report.
For more details on our SERF disclosures, refer to our Report to Stakeholders and our 2024 ESG databook.
How our 2030 ESG targets guide host community value creation
2030 ESG target: 30% of total value
created benefits host communities
Procurement
Host community procurement creates community jobs and supplier
opportunities
• Support areas where community suppliers can participate
• Identify community suppliers that can supply our mines
• Provide enterprise and skills development to close capability gaps
• Improve payment times for small and medium-sized enterprise
(SME) community suppliers
Employment
Host community employment maximises local opportunities
• Build our host communities’ skills base through education and
skills support
• Prioritise the community when recruiting
• Encourage our suppliers to employ from our host communities
• Create non-mining jobs linked to our SED investment projects
or in partnership with business partners
SED investment
Community investment drives integrated development
• Balance investment across education and health services,
enterprise development and infrastructure
• Match investment to capacity and development needs of
communities
• Ensure projects offer a balanced benefit to communities and
our mines
• Include social benefit as a factor in developing closure criteria
2030 ESG target: six new
legacy programmes
Legacy investment
Legacy programmes create community and environmental
resilience beyond the LOM
• Focus on large-scale, long-term, transformative investments
that create systems-level change
• Empower communities to build long-term social, economic and
environmental resilience
• Ensure women and historically marginalised groups are
represented and benefit from these programmes
GOLD FIELDS Integrated Annual Report 2024
47
South Deep in South Africa supports a number of community-based agricultural initiatives
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Host communities continued
Host community procurement
Guided by our Host Community Procurement Strategy, we seek opportunities for community-based
enterprises to participate in our supply chains. When implemented effectively, this approach benefits the
communities in which we operate and enhances the resilience and sustainability of our mines. Our drive to
procure from host communities aims to support economic development, community relations and capacity
building, with the added benefit of decreasing our environmental impact by reducing long-distance transport.
In 2024, our total procurement spend amounted to US$2.8bn, 97% of which was spent on businesses based
in the countries where we operate (2023: US$2.5bn/97%). We spent US$1.12bnRA (41%RA) of our total
procurement spend with host community suppliers and contractors (2023: US$941m/37%). This exceeds our
annual target of 29% and serves as a key driver in achieving our 2030 ESG target of distributing 30% of our
value to host communities. Australia and Ghana continue to exceed annual host community procurement
targets. The Group has 794 active host community suppliers, and we engaged with them during the year on
topics including management and strategic support.
Refer to p41 and 45 for our work to integrate our business partners into our business and ensure alignment
with Gold Fields’ vision, values and safety standards.
Host community SMEs are crucial partners, supplying key products and services while creating jobs in our
host communities and countries. Supporting them is critical to achieving our 2030 host community value
creation target. We continued rolling out preferential payment terms for host community SMEs, particularly
those led by minority and disadvantaged groups. These improved terms support healthy cash-flow for
SME suppliers.
Local (in-country) and host community procurement1
Local (in-country)
procurement
Local (in-country)
procurement
(% of total)
Host community
procurement
Host community
procurement
(% of total)
Country
2024
(US$m)
2023
(US$m)
2024
2023
2024
(US$m)
2023
(US$m)
2024
2023
Australia
1,445
1,212
99%
99%
393
349
29%
30%
South Africa
288
249
100%
100%
80
58
28%
23%
Ghana
823
841
94%
93%
621
503
71%
56%
Peru
210
234
96%
96%
27
31
12%
13%
Group
2,765
2,537
97%
97%
1,121RA
941
41%RA
37%
1
Host community data excludes our corporate and regional offices, as well as operations in Chile and Canada
Host community employment
We prioritise employing host community members at our operations and encourage our suppliers to do
the same. We support this with training, education and skills development initiatives to improve our host
communities’ skills base.
At the end of 2024, 52%RA of our workforce – or 9,697RA people – were employed from our host
communities (2023: 51%/8,834 people). We aim to maintain and increase current levels of host community
employment. These jobs have significant multiplier effects, particularly in developing countries, and are
critical for the residents of our host communities.
Beyond creating employment opportunities at our operations or with our suppliers – where we have limited
scope to create jobs – we also seek to create non-mining jobs, particularly linked to SED projects, legacy
programmes and the wider supply chain. Non-mining jobs can continue to provide benefits to host
communities during and beyond the lives of our operations.
During the year, we created 858 non-mining jobs (2023: 1,360) through our community investments in
South Africa, Ghana and Peru. Due to their inherent nature, many of our SED projects do not necessarily
provide long-term solutions but create income and skills development.
The following projects created significant non-mining jobs in 2024:
• 924 jobs related to the construction of the Tarkwa and Aboso stadium in Ghana, as well as job creation for
surrounding vendors, hotels and transport services
• 86 farming jobs in South Deep’s host communities related to its Social and Labour Plan (SLP) projects,
which support an integrated pipeline for growth
National and host community workforce employment1
Total
workforce2
2024
% of employees – national
Host
community
workforce
2024
% of workforce –
host community1
Country
2024
2023
2024
2023
Australia
4,340
77%
76%
546
14%
15%
South Africa
5,266
89%3
87%
3,318
63%
63%
Ghana
7,112
100%
99%
5,114
72%
69%
Peru
2,116
100%
98%
719
34%
27%
Group
18,834
87%
87%
9,697RA
52%RA
51%
1
Host community data excludes our country offices, as well as projects in Chile and Canada
2 Excludes our corporate office
3 Most of the remaining employees are Southern African Development Community nationals
Refer to our Report to Stakeholders for more information.
GOLD FIELDS Integrated Annual Report 2024
48
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Host communities continued
Socio-economic development investment in host communities
We demonstrate our commitment to purpose-led social impact by prioritising SED investment in our host
communities beyond procurement and employment. Through targeted initiatives in education, healthcare,
infrastructure and economic diversification, we enhance the wellbeing and resilience of our host communities
during and beyond the lives of our mines.
We invested US$16.6mRA in SED projects in our host communities in 2024 (2023: US$17m). We have
dedicated SED investment funds delivered directly or through our Ghana Foundation and independent trusts
in South Africa. Our mines collaborate with host governments, development organisations and NGOs to
deliver these programmes.
Significant projects we supported during the year include:
• Empowering host communities at South Deep through various education and skills programmes through
our SLP and South Deep trusts
• Catalysing further SED with the refurbishment of the Tarkwa and Aboso football park into an 8,000-plus
seater, FIFA-compliant stadium
• Addressing drought-related water shortages and ensuring adequate supply in Cerro Corona’s host
communities through water stewardship projects
Group SED spend (US$m)1
2024
2023
2022
16.61RA
17.18
21.21
Group SED investment by category (2024)
(US$m)1
Infrastructure
6.85
Education and training
4.17
Health and wellbeing
0.89
Economic diversification
3.51
Conservation and environment
0.10
Charitable giving
1.09
Total
16.61RA
1 Excludes spending by Salares Norte and Windfall
Group legacy programmes
Our 2030 sustainability commitments also include developing six legacy programmes. These programmes
go beyond SED investment: they aim to create enduring value by addressing our host communities’ most
pressing development needs while ensuring economic value creation beyond the LOM and outside the
mine’s supply chain.
The programmes are designed to contribute to the UN SDGs and promote one or several of the following
objectives: economic diversification and employment; climate resilience and protection of water and nature;
sustainable and profitable agriculture; cultural and heritage preservation; and good health.
Our first legacy programme – developing a sustainable dairy value chain that will benefit small-scale farmers
living near Cerro Corona in Peru – continued during the year. Ultimately, the programme aims to build a
robust dairy ecosystem that will help producers improve their livelihoods beyond Gold Fields’ presence in the
area. The next phase will focus on upgrading the plant by complementing, articulating and improving
strategic components of the value chain. The plant currently processes 6,000 litres of milk per day in
partnership with 200 farmers.
We launched our second legacy programme during the year to improve the quality of life for host
communities in Chile’s Atacama region. This programme focuses on advancing technical mining education
and encouraging local employment. It has already achieved significant milestones, laying a strong foundation
to drive long-term social and economic impact. The third programme, currently being implemented, seeks to
improve health outcomes in host communities of our Ghana operations through increased access to
affordable and high-quality health services. The legacy programme design in South Africa is currently being
finalised.
Managing host community impact and risks
Artisanal, small-scale and illegal mining
We aim to engage with the ASM mining community respectfully and transparently, with the goal of creating
Shared Value for our stakeholders, securing our operations and maintaining our social licence to operate.
ASM is a significant source of income for communities in resource-rich developing countries, including South
Africa, Ghana and Peru, where Gold Fields operates. However, ASM is often associated with illegal mining,
which presents related safety, social and environmental impacts. These include potential injuries and loss of
life to illegal miners and other stakeholders, loss of ore, potential damage to mine property and operations
and mercury and cyanide contamination of water resources. Illegal mining also frequently leads to adverse
social impacts on host communities, such as child labour. Our primary concern is the potential social impact
of illegal mining, as illegal mining incursions at our operations could lead to violence and injuries to our
workforce, host community members and the illegal miners. Such incidents can escalate into wider
community unrest.
Illegal mining is a particular concern in Ghana, as detailed on the following page. In Peru, Cerro Corona is not
directly impacted, but encroachment on legally owned concessions near the mine has led to land disputes
and security risks. In South Africa, while South Deep remains unaffected, illegal mining is a growing issue in
the broader gold mining sector, especially at closed mines that have attracted illegal miners.
GOLD FIELDS Integrated Annual Report 2024
49
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Host communities continued
Where illegal mining occurs in the vicinity of our operations, we collaborate with government and its security
agencies to uphold the law. Our security workforce is trained to manage illegal mining in line with
international security and human rights standards. We also engage with host communities to prevent illegal
mining or mitigate its impact. We work with our peers in national and international mining associations to
engage governments to advocate for improved ASM sustainability practices and contribute to policy and
regulatory development.
Ghana
Illegal mining is a key risk to our operations in Ghana. The Tarkwa-Nsuaem and Prestea-Huni Valley
municipalities, which host our Damang and Tarkwa mines, are major centres for legal ASM, as well as small-
scale mining activities carried out by illegal miners, also known as galamsey.
In 2024, illegal mining activities and incidents increased in Ghana, fuelled partly by the high gold price and
the national election in December. We continuously review the national context to update our ASM Strategy,
while proactively monitoring our sites for illegal mining activities. During 2024, the Damang and Tarkwa mines
reported 51 and 41 incursions, respectively – primarily targeting waste dumps and inactive satellite pits and
shafts. These incidents resulted in 67 arrests and 14 prosecutions.
The most significant issue relates to an invasion of the Mantraim shaft at our Tarkwa mine by illegal miners.
We instituted legal injunctions and proceedings, which are ongoing in the Tarkwa High Court. An
encroachment of the Apinto shaft on the edge of the mine also remains unresolved despite legal injunctions.
At the Asanko mine, in which we held a 45% equity stake until 4 March 2024, three people were killed in
clashes between illegal miners and Asanko-contracted security teams on 2 March 2024. In early 2025,
violence between galamsey and state security personnel contracted by other large-scale gold mining
companies in Ghana led to several fatalities.
Our strategy to mitigate risks related to ASM and illegal mining remains effective as we focus on proactive
stakeholder engagement and creating value for our host communities. This includes maximising direct and
indirect host community employment at our mines, as well as providing youth skills development and
alternative livelihoods programmes. When we do implement security measures, these prioritise prevention
and are guided by human rights principles, while also actively pursuing amicable resolutions and the
promotion of sustainable mining practices.
Respecting the rights of Indigenous Peoples and First Nations Peoples
Gold Fields recognises that Indigenous Peoples and First Nations Peoples are integral partners in the mining
industry and key stakeholders in the social and economic benefits of mining activities. Many of our operations
are located on or near territories of significance to Indigenous Peoples and First Nations Peoples, and we
acknowledge the impacts of our operations on land, water, biodiversity and other resources valued by these
communities. As traditional custodians of these territories, we honour their cultures, traditions, connections to
the land and ways of life.
As a member of the ICMM, Gold Fields supports the updated Indigenous Peoples and Mining Position
Statement published in 2024. Following its release, we initiated a comprehensive gap analysis in the
countries where Indigenous Peoples form part of our host communities (Australia, Chile and Canada). Once
this review is complete, we will develop targeted strategies and implementation plans to address identified
gaps and enhance our alignment with the updated position statement.
Australia
Our First Nations engagement approach in Australia is built on three strategic pillars:
• Building and maintaining strong and respectful relationships with the traditional custodians of the lands
where our operations are located
• Empowering First Nations Peoples by providing meaningful and sustainable opportunities
• Championing the preservation and celebration of First Nations land, culture and heritage
All our Australian mines are located on lands that are subject to Native Title claims and determinations. Native
Title refers to the traditional rights and interests held by a group of Aboriginal or Torres Strait Islander people
who are formally recognised by the Federal Court of Australia under the Native Title Act of 1993
(Native Title Act).
The table below describes the current claims (active applications that have been accepted for assessment)
and determinations (Federal Court decision on the existence of Native Title rights):
Site
Native Title
Group
Gruyere
Entire operation: Determined Native Title
Yilka People and Sullivan families
Granny Smith
Entire operation: Determined Native Title
Nyalpa Pirniku People
St Ives
Main area of operations: Determined
Native Title
Remaining area (exploration): Registered
Native Title claims
Determined: Ngadju People | Claim:
Marlinyu Ghoorlie People | Claim:
Kakarra People
Agnew (north)
Determined Native Title
Tjiwarl People
Agnew (south)
No active claim or determined Native Title
Agnew (far south)
Determined Native Title
Darlot People
A key element of our engagement with First Nations stakeholders is our commitment to agreement-making
with determined Native Title holders. These agreements foster respectful relationships by establishing clear
communication channels, supporting education, employment and contracting opportunities, funding
community programmes, promoting cultural awareness and incorporating best practices in environmental and
cultural heritage management. They may also include financial benefits that address potential compensation
liabilities under the Native Title Act.
At our Gruyere mine, Gold Fields is party to a comprehensive agreement with the determined Native Title
holders for the area: the Yilka People and Sullivan families. Through this agreement, we explore ways to
sustain and grow employment, business and community development opportunities with the Yilka Talintji
Aboriginal Corporation – the Registered Native Title Body Corporate for the group. A joint review of the
agreement will be completed in 2025, ensuring the commitments remain mutually agreed and aligned with
the priorities and practical needs of both parties.
GOLD FIELDS Integrated Annual Report 2024
50
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Host communities continued
In August 2024, Gold Fields and the Ngadju Native Title Aboriginal Corporation – representing the Ngadju
People, the determined Native Title holders of the land on which St Ives operates – finalised a landmark
agreement concerning St Ives. This agreement, the result of two years of negotiations, marks a long-term
commitment to mutual respect and collaboration, delivering short and long-term substantial benefits to the
Ngadju People, including compensation and royalty payments to acknowledge historic and ongoing mining
activities on Ngadju lands.
A key pillar of the agreement is preserving and managing cultural heritage, supported by initiatives aimed at
deepening cultural awareness within the St Ives workforce about Ngadju lands and traditions.
Gold Fields has also committed to enhancing educational opportunities for the Ngadju People, including
dedicated apprenticeship positions, and prioritising Ngadju businesses in procurement processes. The
Ngadju Native Title Aboriginal Corporation will maintain registers of Ngadju candidates and businesses,
providing early access to business opportunities within St Ives operations.
We are currently progressing negotiations for similar comprehensive agreements with the Tjiwarl Aboriginal
Corporation for Agnew and, in 2025, will commence negotiations with the Nyalpa Pirniku People for our
Granny Smith operations.
In 2024, we continued partnering with Reconciliation Australia, a national non-profit organisation dedicated to
advancing the reconciliation movement in Australia, to advance our Innovate Reconciliation Action Plan (RAP).
The Innovate RAP was launched in 2020 and built on the Reflect RAP – the beginning of Gold Fields’
commitment to advancing reconciliation between Aboriginal and Torres Strait Islander Peoples and non-
Indigenous Peoples. After three years of implementation, Gold Fields will now spend 2025 working with
Reconciliation Australia on reviewing our Innovate RAP process internally and commence planning for
potential development of a new RAP in 2026.
Chile
While no Indigenous Peoples have a direct relationship with our Salares Norte site, as confirmed through the
project’s environmental approval process, we have engaged with the Colla Indigenous communities located
approximately 70km from the site since 2015.
We have worked to enhance the cultural heritage of these communities by involving Salares Norte’s
workforce in workshops led by community representatives. These workshops have been instrumental in
sharing key aspects of the communities’ culture and worldview while establishing behavioural guidelines for
Gold Fields workers when interacting with community members. These activities foster mutual respect,
strengthen our ties with local communities and contribute to sustainable and inclusive development. We held
six workshops during the year, attended by about 120 employees and contractors.
We have a culturally sensitive grievance mechanism in place for host and potentially affected Colla
Indigenous communities to submit complaints or raise concerns regarding our activities. We received six
complaints from Indigenous communities in 2024, all of which were promptly addressed and resolved.
As part of our commitment to promoting and preserving Indigenous cultural heritage, we codeveloped two
books with the Colla Indigenous communities – 400 copies of these books were printed and distributed.
Canada
The Windfall project’s host communities include Lebel-sur-Quévillon and the Cree First Nation of Waswanipi.
The project is on lands designated to the Cree community, with claims by two other Nations. Collaboration
with the Cree community and tallymen, who oversee parts of the property, has been ongoing since inception.
A historical agreement with the community guides the project’s development. In addition, a Windfall
environmental monitoring committee holds monthly meetings to present key site activities.
The project sources key services from community businesses. Since January 2024, an 85km power line,
owned and operated by wholly owned companies of the Cree First Nation of Waswanipi, has supplied the
project site with hydroelectricity, the sole power source for Windfall. The Windfall Mining Group is working
towards entering into an Impact and Benefits Agreement with the Cree First Nation of Waswanipi and the
Cree Nation government this year.
In 2024, 21% of the Windfall workforce identified as First Nations Peoples. Cultural initiatives, including a
gathering on National Indigenous Peoples’ Day, celebrate and preserve Cree traditions. The Cree community
also participated in environmental studies, including plant sampling and archaeological digs.
Lebel-sur-Quévillon, historically reliant on forestry, benefits economically through project-driven local
business opportunities and employment. A collaboration agreement formalises regular updates with
municipal leaders, while Windfall supports social, educational and sports initiatives. Monthly community
information tours enhance transparency and address local expectations, covering project updates and
environmental studies.
For more details on our engagements with our host communities, refer to our Report to Stakeholders.
GOLD FIELDS Integrated Annual Report 2024
51
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Governments
Our host governments are among Gold Fields’ key stakeholders, as they issue mining licences, develop state
policies and enforce regulations. This requires us to adhere to all relevant legislation, including paying taxes
and other levies. We are committed to working with governments – directly and via industry associations – at
national, regional and local levels to establish ethical, sound and transparent working relationships that
benefit the countries where we operate and our host communities.
We do not provide any financial contributions to political parties unless explicitly approved by the Board
in accordance with the Company’s Code of Conduct, and have not made any political donations for
several years.
Driven by our Tax Strategy, we aim to proactively manage tax obligations transparently, responsibly and
sustainably – while acknowledging differing stakeholder interests. As part of our commitment to enhancing
transparency in responsible mining practices, we started reporting on seven of the ICMM’s SERF indicators
in 2023. We have committed to publish our 2024 reporting on indicator 1 (country-by-country reporting of
business activities, revenue, profit and tax) in late 2025.
Find our full Tax Strategy and Policy, which now includes tax risk and governance, here.
Country and regulatory risk remains a top Group risk for 2024, and addressing this risk requires increased
actions and engagements by our Group and country teams.
Gold Fields seeks to improve trust between government and mining in several ways, including:
• Creating approximately US$4.2bnRA in total annual value for our wide range of stakeholders, including host
governments and host communities
• Actively creating host community value through host community employment, procurement and socio-
economic investment, including legacy programmes (p47)
• Working with mining industry associations to highlight and communicate the work done by member
companies, engaging with government on material industry issues and advocating for improved policies,
as well as, usually only as a last resort, address unfair regulations and laws, including via legal strategies
• Working with our ICMM and WGC peers to promote industry-wide best practice and demonstrate the
benefits of a responsible and fairly regulated industry
As a significant contributor to the tax income of our host countries, Gold Fields fully aligns with all national
regulations and adheres to all fiscal payments. During 2024, Gold Fields paid US$687m in contributions to its
host governments. In Ghana, Gold Fields has consistently been among the top three corporate taxpayers.
During 2024, we paid USS$305m in taxes, royalties and dividends to the government.
The following high-level political overviews of our operating countries have been provided by our External
Affairs teams in-country.
Payments to governments in 2024
(US$m)
Australia
South Africa
Ghana
Peru
Royalties
54.1
3.2
73.5
5.4
Income tax1
256.9
0.3
192.0
60.2
Dividends
—
1.9
26.4 2
—
Dividend withholding tax
—
—
13.1
—
Total
311.0
5.4
305.0
65.6
% of profit before royalties,
taxes and non-recurring items
27.3%
2.4%
44.7%
51.6%
1 South Deep has carry-forward losses and allowances for offset against taxable income
2 In respect of the Ghana government’s 10% stake in the Tarkwa and Damang mines
Australia
Against a background of high national inflation, low unemployment and interest rate rises, the mining sector
continues to buoy the Western Australian economy and state government finances.
Proposed industrial relations reforms, like “Same Job, Same Pay”, have highlighted the importance of
equitable employment practices in the mining sector. In August 2024, new legislation was introduced that
provided our employees with a protected right to disconnect from work after hours.
Throughout the year, we continued to work with the Western Australian and Federal government through our
membership to the Chamber of Minerals and Energy of Western Australia and the Gold Industry Group on
issues impacting the gold sector and the mining sector.
We also partnered with the Western Australian government to pilot the Respect in Mining programme, which
aims to increase awareness and knowledge of the impact of gender inequality on women's safety and the
impact of gendered division in leadership within the resources sector. This initiative builds on Gold Fields’
existing Respectful Workplaces initiative and aligns with findings from the EB&Co workplace culture review.
Ghana
The main opposition party, the National Democratic Congress, won the presidential and parliamentary
elections in December 2024, ousting the New Patriotic Party and securing a significant majority in parliament.
The new government inherited a high inflation rate and weak Ghanaian Cedi. The country’s debt situation
improved during 2024, mainly driven by the International Monetary Fund’s disbursement of US$1.92bn out of
the total agreed US$3bn debt facility. However, the International Monetary Fund highlighted ongoing risks to
economic recovery, debt sustainability concerns and ongoing inflationary pressures.
GOLD FIELDS Integrated Annual Report 2024
52
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Governments continued
Gold Fields’ fiscal relationship with the government is governed by 2016 Development Agreements (DAs) for
Damang and Tarkwa. In terms of the existing DAs, Gold Fields must invest in the two operations over a
specific timeframe in return for some concessions, including a corporate tax rate of 32.5% and a royalty tax
based on a sliding scale driven by the gold price, capped at 5% (see p74).
In 2024, under the Domestic Gold Purchase programme, Gold Fields sold 100koz gold (2023: 127koz) to the
Bank of Ghana (BOG), pursuant to a gold purchasing agreement. The BOG paid in Ghanaian Cedi at the
prevailing gold market price, which forms part of our DA requirement to convert at least 30% of our gold
proceeds into the local currency to cover local costs. On this, and many other critical industry issues, Gold
Fields works closely with the Ghana Chamber of Mines to seek interventions and advocate for improved
policies, particularly in the fiscal realm.
The Tarkwa/Iduapriem JV approval process progressed during 2024, with Gold Fields and AngloGold
Ashanti collaborating to obtain approvals from the Ghanaian government to ensure the JV becomes
operational. Several joint meetings were held with relevant government ministries and agencies of the
previous administration – including the Ministry of Lands and Natural Resources, Ministry of Finance, the
Ghana Revenue Authority and the Minerals Commission – to confirm the modalities of the JV and address
concerns. However, engagements stalled due to the country’s 2024 general election. Gold Fields and
AngloGold Ashanti are working to engage the new administration to advance the proposed JV and receive
the necessary approvals in 2025.
Chile
The Chilean economy recorded moderate growth in 2024. Relevant to the mining industry are a recently
approved tax compliance bill and measures to accelerate permitting. Initiatives aimed at reducing regulatory
barriers, promoting investment in green energy and formalising labour were identified as fundamental to
boosting the country's growth. In advocating for these issues, Gold Fields worked closely with peers via
various national and regional industry associations,
Within this context, our engagement mainly focused on strengthening our relationship with regional and
national authorities in the mining, environmental and safety sectors. At the same time, we worked on a
communications strategy that will position and strengthen Gold Fields’ brand across national and regional
levels. We continued with critical public-private collaboration initiatives aimed at promoting social
development and strengthening local governments.
Peru
In Peru, we engage at local, regional and national government levels to address operational, social and
sustainability matters. Community unrest, long a challenge for miners in the country, has become far more
isolated in recent years and is mostly limited to the south of the country. Even during the height of social
unrest, when certain mines were targeted, protests were not widely spread or violent in the Cajamarca
province where our Cerro Corona mine is located.
National, regional and local elections will take place in 2026. Electoral process creates a context where
certain risks could materialise. As in previous elections, mining is expected to be part of the public debate
and Gold Fields’ new exploration projects could come under scrutiny from anti-mining detractors, especially
in a pre-electoral context.
Our engagement with national government and congress, particularly on regulatory matters, primarily takes
place through the National Chamber of Mines, Oil and Energy. The industry has good working relationships
with various public bodies at all levels of government.
Peru is challenged by an increase in illegal mining. Pressure groups are likely to uphold a regulatory
framework that enables the growth of illegal or informal mining. The National Chamber of Mines, Oil and
Energy is working with policymakers to develop advocacy actions and communication campaigns to raise
public awareness of the impacts of illegal mining.
We implemented social development projects in partnership with the government through the Works for
Taxes mechanism and government grants, focused on water and sanitation infrastructure and agricultural
development.
Québec, Canada
In 2024, the Québec and Canadian mining sectors continued to show resilience, particularly within gold
exploration and development, with Québec province maintaining its status as a key player. On the regulatory
front, significant changes were introduced that will impact mining activities in Québec. Notably, Bill 63 – an
amendment to the Mining Act – came into effect in December 2024, marking a major overhaul of the
provincial mining regulations. Key changes are reflected by shifting from the traditional "free entry" system to
a more structured and accountable process for granting mining rights. This reform also increased the scrutiny
on exploration activities by imposing new conditions for renewing exploration rights.
The new Impact Exploration Authorisation, effective from May 2024, added another layer of environmental
scrutiny by requiring exploration projects to undergo comprehensive assessments before work can start.
Additionally, the bill introduced provisions that would facilitate First Nations’ participation in land-use
decisions, recognising their role in stewarding natural resources.
These changes align with broader trends in Canada, where First Nations communities have increasingly won
court cases requiring consultations on mining activities in their traditional territories. This is also reflected by
a landmark court decision involving the Mitchikanibikok Inik First Nation in October 2024, requiring the
province to consult before granting mining claims on certain lands, marking a significant shift in how mining
rights are handled. This ruling, however, is being contested by the government.
As evidenced by our exchanges with provincial elected officials, and especially the visit of a delegation of
several ministers to the Windfall project site in mid-2024, Gold Fields’ relations with the regional government
and regulators are good and political support is building to move the project forward. Since the closing of the
transaction leading to the complete acquisition of the Windfall project, many representations meetings were
organised to present Gold Fields and, above all, ensure the support for the project remain strong, both with
the party forming the government and with the main opposition party in the Québec parliament.
GOLD FIELDS Integrated Annual Report 2024
53
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Governments continued
South Africa
During the general election held in May 2024, the governing African National Congress lost its majority for
the first time since 1994 and worked with opposition parties – including the country’s second-largest party,
the Democratic Alliance – to form a Government of National Unity. This coalition government tempered more
populist economic policies, with some investor confidence returning to the economy.
From a regulatory perspective, South Deep is guided primarily by the Mineral and Petroleum Resources
Development Act No 28 of 2002. One of the Act’s key requirements is to facilitate meaningful and substantial
participation of Historically Disadvantaged South Africans (HDSAs) in the mining industry, and the Mining
Charter provides several empowerment actions and community investment programmes with a corollary
timeframe. All mining right holders must submit an annual compliance plan that details progress against the
Mining Charter and their SLP, a mechanism used to achieve the objectives of the Mining Charter.
The latest version of the charter – Mining Charter 3 – was tabled in September 2018, and mining companies
continue to report their progress against its requirements. The charter de facto confirmed South Deep’s
current black economic empowerment (BEE) ownership level of 35%, which we believe meets the principles
and spirit of the charter. It also created the framework for the mine’s ongoing transformation.
As part of the mine’s empowerment structure, South Deep established two independent trusts in 2010 – the
South Deep Community Trust and the South Deep Education Trust – to channel dividend and other income
to communities living near the mine and in labour-sending areas. Between 2012 and 2023, South Deep
Community Trust and the South Deep Education Trust have invested R15m and R76m in community and
education projects, respectively.
Through the Minerals Council South Africa, the mining industry is actively supporting the South African
government’s efforts to strengthen two parastatals, Eskom and Transnet, both of which provide critical
services to mining companies and other businesses. The regulatory approval process around South Deep’s
pioneering 50MW Khanyisa solar plant assisted in the more widespread adoption of renewable energy
sources. South Deep is now exploring additional renewable energy supply sources.
Mining Charter Scorecard
South Deep is committed to strengthening socio-economic development in its surrounding and labour-
sending communities, and prioritises meaningful contributions to community development – aiming to uphold
its social licence to operate while meeting regulatory requirements. These efforts form part of South Deep’s
broader strategy to create lasting value for both the mine and its host communities.
Following the Department of Mineral Resources and Energy’s review of its third SLP submission, South Deep
agreed to realign the Social Labour Plan (SLP) cycle to cover the period 2020 – 2024 instead of 2023 –
2027. As programmes for 2020 – 2022 had already been submitted, the revised SLP focused on targets and
initiatives for 2023 and 2024. Since the reconstituted SLP III was only approved in October 2024, the
identified local economic development projects will be delivered between 2025 and 2026 at estimated
construction costs totalling R21m (US$1m). Mining companies have the full period of the SLP cycle to achieve
targets.
Between 2020 – 2024, South Deep invested R245m (US$13.4m) in projects to enhance the lives of host
communities, not including direct procurement from host community businesses, which amounted to R4.7bn
(US$256.4m). Key initiatives included:
• Supporting community healthcare by renovating the Hillshaven Community Clinic, which now provides
reliable primary healthcare to over 10,000 people from six host communities, at an investment of R9.5m
(US$518,000)
• Constructing a science lab at a secondary school, accommodating 50 learners, benefiting multiple schools
and enabling hands-on science education, at an investment of R1.7m (US$93,000))
• Partnering with local schools to provide science, technology, engineering and mathematics education and
career guidance, impacting over 500 learners
• Investing R59m (US$3.2m) in educational initiatives, including adult education and training programmes,
which have provided functional literacy training to over 900 community members
• Supporting supplier and enterprise development by investing R33.3m (US$1.8m) in establishing a business
support centre for local SMMEs, providing training in business, financial and compliance management.
Additionally, R134.1m (US$7.3m) has been allocated to support local SMMEs through the ESD Fund
South Deep also focused on youth employment and skills development through two main programmes:
• In partnership with the Yes4Youth organisation, South Deep enrolled 165 unemployed youth from the local
community between 2022 – 2024 (41 in 2024) to work on the mine and gain work experience to equip
them for jobs in the mining industry. This programme will continue during the new SLP cycle. Since the
inception of the programme, South Deep has appointed 31 youth in permanent roles
• The mine also partnered with the Signa Academy to engage disabled youth into a workplace emersion
programme. During 2024, a total of 63 disabled youth were enrolled, 60% of whom were women. A total
of 210 disabled youth have been enrolled in the programme since its inception
GOLD FIELDS Integrated Annual Report 2024
54
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Governments continued
South Deep Mining Charter 3 2024 scorecard
Element
Description
Compliance target
Mining
Charter 3
target
Measure
Year (2024) progress1
Ownership
Representation
of HDPs
26%
Meaningful economic participation
35%2
Full shareholder rights
Inclusive
procurement
(five-year
implementation
plan required)
Inclusive
procurement
70% of mining goods’ procurement
spend must be on South African
manufactured goods (60% local value
= South African manufactured goods)
100%
The total mining goods procurement budget must be spent on South African manufactured goods produced by the following
categories, per defined percentage:
21% on HDSA-owned and controlled company
30.3%RA
5% on women or youth-owned and controlled company
12.2%RA
44% on BEE
60.6%RA
80% of service procurement spend
must be sourced from South African-
based companies
93%
The total services budget must be spent on services supplied by the following categories, per defined percentage:
50% by HDPs
63.0%RA
15% by women-owned and controlled company
26.9%RA
5% by youth-owned and controlled company
3.5%RA
10% by BEE
88.0%RA
Research and development (R&D)
Minimum of 70% of the total R&D budget to be spent on South African-based R&D entities
R0RA
Sample analysis across the mining
value chain
Utilise South African-based facilities or companies for the analysis of 100% of all mineral
samples
100%
Employment
equity (as per
the Mining
Charter)
(five-year
implementation
plan required)
Board
% black persons
50%
50% black persons with exercisable voting rights of which 20% must be female
80%RA
% black women
20%
60%RA
Executive
management3
% black persons
50%
50% black persons of which
15% must be black women
—RA
% black women
20%
—RA
Senior
management
% black persons
60%
50% black persons of which
15% must be black women
38%RA
% black women
25%
13%RA
Middle
management
% black persons
60%
60% black persons of which 20% must be black women
53%RA
% black women
25%
19%RA
1
This column records the mining rights holder’s performance against the Mining Charter scorecard targets
2 During 2004, and prior to Gold Fields acquiring South Deep, GFI Mining South Africa (Pty) Ltd (GFIMSA), acquired Gold Fields’ South African assets, funded by Mvelaphanda Gold (Pty) Ltd, for a 15% stake in GFIMSA. In September 2021, the Johannesburg
High Court judgment, in a case commonly known as the Mining Charter III challenge, confirmed the “once-empowered always empowered” principle, with effect that any mining right holder, prior to the publication of Mining Charter III, that achieved the
minimum required B-BBEE shareholding, will be recognised as compliant for the duration of the mining right. By 2006, GFIMSA gained 100% ownership of GFI Joint Venture Holdings (Pty) Ltd and Gold Fields Operations Ltd (South Deep Joint Venture),
both wholly-owned subsidiaries of Newshelf 899 (Pty) Ltd. In 2010, a series of BEE empowerment transactions were concluded to meet ownership targets. Firstly, an employee share ownership plan was established, issuing 13.5m Gold Fields shares,
representing 10.75% effective indirect beneficial interest in GFIMSA, Of this, 12.6m were allocated to HDSA employees. Secondly, a 1% indirect beneficial interest in GFIMSA (excluding South Deep) was donated to a broad-based education trust and
several black businesses and community leaders (BEECO). Thirdly, the BEECO and South Deep Community Trust acquired a 10% shareholding in South Deep
3 South Deep does not have an executive management structure
GOLD FIELDS Integrated Annual Report 2024
55
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Governments continued
South Deep Mining Charter 3 2024 scorecard continued
Element
Description
Compliance target
Mining Charter 3 target Measure
Year (2024) progress1
Employment equity
(as per the Mining
Charter)
(five-year
implementation plan
required)
Junior management
% black persons
70%
70% black persons of which 25% must be black women
76%RA
% black women
30%
18%RA
Employees with disabilities
1.5% of all employees
1.5%
1.5% as a percentage of all employees
2.7%RA
Core and critical skills
HDPs represented in
core and critical skills
pool
60%
50% black persons
76%RA
Human resources
development
(HRD)2
HRD expenditure as % of total
annual leviable
amount (excluding mandatory
skills development levy)
5% leviable amount
5%
Invest percentage of leviable amount as defined in the
HRD element in proportion to applicable demographics
In 2024, South Deep spent 5% of its annual payroll on
skills development programmes
Mine community
development
(MCD)
(five-year
implementation plan
required)
Meaningful contribution
towards MCD with bias
towards mine communities
both in terms of impact, and in
keeping with the principles of
the social licence to operate
100% compliance with
approved SLP MCD
commitments
Publish the SLP in two languages (dominant community
language and English)
Completed
Implement approved commitments in the SLP3
During 2024, South Deep continued executing host
community SLP projects which are at various stages of
implementation. These included the following:
• Providing land and constructing the Hillshaven Clinic:
The clinic is operating and treated over 7,000
patients during 2024. The Gauteng government has
not yet signed the Memorandum of Agreement for the
property transfer to commence
• Replacing the Zuurbekom Library with mini-libraries in
Randfontein and in Simunye: Procurement of library
equipment is in progress
• SMME funding and development of a business hub in
Westonaria: Construction, equipping and furnishing
the hub was completed in December 2024
Housing and living
conditions2
Improvement of the standard
of housing and living
conditions of mine employees
100% compliance with
commitments per the
Housing and Living
Condition Standard
Mine to submit a
Housing and Living
Conditions Plan, in terms
of Section 4 of the new
Housing and Living
Condition Standard for
the mining industry
Implement all commitments per the Housing and Living
Condition Standard
The occupancy rate for 2024 was 70%. South Deep still
maintains one person per room in its accommodation
facilities, and promotes home ownership through
interest-fee loans and discount on the purchase of
Company homes
1 This column records the mining rights holder’s performance against the Mining Charter scorecard targets
2 This element has not been assured externally
3 Only the number of community development commitments and its progress are externally assured
GOLD FIELDS Integrated Annual Report 2024
56
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Environmental stewardship
Environmental stewardship forms a significant part of our sustainability efforts. As a cornerstone of the
Group’s strategy, we strive to integrate climate and environment-related risks and opportunities into our
strategy and operations. We aim to ensure our communities and stakeholders recognise and trust us for
purpose-led social impact and nature-based solutions that aims to enhance lives. Our strategies, targets and
implementation plans are designed to ensure we extract natural resources in a way that is environmentally
responsible and sound, and considers the needs of our stakeholders – particularly those communities
impacted by our operations.
Gold Fields set 2030 targets for three environmental priority areas: decarbonisation, tailings management
and water stewardship. We detail these targets, along with our 2024 performance, in this section, as well as
our 2024 Climate Change and Environmental Report. We have initiated a mid-point review against these
2030 targets, which will be concluded in 2025. Apart from a status update and an assessment of underlining
assumptions, like relevant technologies and other context drivers, the mid-point review will address any gaps
to close the 2030 targets and consider the impact of portfolio growth and technology readiness.
All our operations are certified to the international ISO 14001:2015 standard, and our environmental
management systems provide a structured framework to effectively and efficiently manage our environmental
risks and opportunities while driving continuous improvement and ensuring legal and other compliance. As at
31 December 2024, all Gold Fields operations that use cyanide were fully certified to the ICMC. Subsequent
to year-end, St Ives’ certification was reduced to substantial certification. The operation is implementing a
corrective action plan due for completion in May 2025.
Sustainable Development Policy
We take guidance from industry best practices and thought leadership, predominantly provided by the ICMM
and the WGC. Our commitments are set out in our Sustainable Development Policy statement, summarised
below.
Gold Fields sustainable development commitments
• Integrate sustainable development principles into the Group’s business strategy and operational
execution towards a zero harm mindset
• Cultivate a respectful, safe, ethical and inclusive working environment
• Build a culture of continuous environmental and socio-economic review, analysis, improvement and
disclosure, based on the precautionary approach
• Maintain good governance and compliance
• Ensure an ethical, strategic, consistent and Company-wide approach to materials and supply chain
stewardship that generates sustainable value
• Maintain proactive, transparent and respectful stakeholder engagement
• Implement effective enterprise risk management
• Ensure we sell gold and copper to responsible buyers and that we do not contribute to unlawful
armed conflict
• Increase awareness of sustainable development among our employees and stakeholders
Environmental incidents
Gold Fields is committed to sound environmental performance and mitigating the adverse impact of our
operations on affected stakeholders and the environment. As such, we consider our environmental impact
a stakeholder-related focus area as we seek to deliver nature-positive performance that enhances lives.
We have consistently maintained zero Level 3 – 5 incidents since 2018, demonstrating a limited
environmental impact by our operations on neighbouring communities.
During the year, 18 localised, minor incidents across the Group were reported (2023: 8), categorised as
Level 2 incidents, bringing the total Level 2 – 5 incidents to 18RA in 2024. The majority of these incidents
related to loss of containment. A common thread across many incidents was improved reporting as well as
change management, with employee turnover at several operations impacting continuity. All incidents were
investigated and closed out. We seek to ensure that all environmental and social risks are identified,
assessed and effectively controlled to reduce the number and severity of these incidents.
Group environmental incidents
For more information, refer to p30 of our Climate Change and Environment Report.
GOLD FIELDS Integrated Annual Report 2024
57
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Environmental stewardship continued
Nature
Gold Fields operates in diverse ecosystems where our mining activities intersect with natural environments.
We aim to responsibly manage our impacts and, as a member of the ICMM, we strive to align with its Position
Statement on Nature – which emphasises the need to integrate nature-related considerations into decision-
making. We recognise that nature-related risks – including biodiversity loss, water scarcity and regulatory
changes – can have material financial and operational implications. Similarly, nature-based opportunities –
including ecosystem restoration like our chinchilla capture and relocation project and responsible land use –
can enhance our long-term resilience and value to stakeholders while also positively impacting our
reputation.
The realms of Nature
Nature comprises the interconnected realms of land (terrestrial ecosystems, soils and forests); ocean;
freshwater (rivers, wetlands and other groundwater systems, regulating and ensuring water availability, water
quality and ecosystem integrity); and atmosphere (climate patterns, air quality and weather systems).
Gold Fields primarily impacts three of these four realms. We manage our impacts on terrestrial ecosystems
through progressive rehabilitation and biodiversity conservation towards restored ecological functions
(p63 – 64). The bulk of Gold Fields’ Scope 1 and 2 carbon footprint is energy-related and, accordingly, our
Decarbonisation Strategy and roadmap – which include energy efficiency programmes, renewable electricity
projects and Scope 3 emissions supplier engagements – form an integral part of our energy and carbon
management (p59).
We depend on water sources from our exploration phase to rehabilitation and closure. Our Group Water
Stewardship Strategy and asset tactical plans consider critical aspects – including water availability and
quality, the use of water by all stakeholders, as well as nature – in the catchments where we operate (p62).
Nature baseline risk assessment
We updated the internal nature baseline risk assessments during 2024 to identify the respective nature-
related risks for each operation. These assessments consider aspects like biodiversity importance,
ecosystem integrity, invasive and pest species, and water. These assessments will be further refined in 2025
and relevant management practices, opportunities and further studies will be undertaken as part of our
sustainable development and environment commitments.
Chinchilla capture and relocation project at Salares Norte
We made significant progress in the conservation of the endangered short-tailed chinchilla at our Salares
Norte mine in Chile. Following the expiry of the regulatory halt of the capture and relocation programme at
Rockery 3, we successfully captured and relocated one chinchilla to a designated conservation area a few
kilometres from the mining site during October 2024. No further chinchillas were identified in Rockery 3,
which was subsequently dismantled in compliance with the provisions of the environmental and agricultural
governmental authorities. As at mid-March 2025, three chinchillas have been successfully relocated to a
designated conservation area.
The successful relocations follow extensive research and refinements to our approach after initial challenges
encountered during 2020, when our relocation efforts were paused to ensure improved animal welfare
measures. To enhance the effectiveness of our conservation efforts, we invested in a specialist team of
nearly 80 environmental experts and support staff dedicated to identifying, monitoring and safely relocating
chinchillas. This includes implementing advanced tracking technology and refined relocation protocols to
ensure minimal disruption to the species.
For more information, refer to p31 of our Climate Change and Environment Report.
GOLD FIELDS Integrated Annual Report 2024
58
A critical component of our environmental commitment is revegetating our tailings dam or converting them for use for agricultural activities
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Environmental stewardship continued
Energy and carbon management
Gold Fields’ Scope 1 and 2 emissions are primarily energy-related and, accordingly, energy management is
a critical lever to reducing our carbon footprint and meeting our emissions reduction targets. We have
a systematic approach to measuring, monitoring and managing our energy consumption and associated
greenhouse gas emissions, which is based on the international ISO 50001 energy management standard.
We set emissions abatement targets at a Group level, with specific targets and action set at operational level,
either through capital allocation or energy efficiency projects. Identifying and allocating capital, and
implementing these initiatives and projects follow a rigorous techno-economic viability approach based on
Gold Fields’ Capital Allocation Framework, as well as our portfolio view of the abatement costs across all
operations. This ensures that we continually improve the Group’s economic and operational resilience while
reducing our environmental impacts.
2024
2023 Year-on-year change
Comment
Energy performance
Total energy consumption
14.4PJRA
14.1PJ
2%
Energy consumption varied slightly across all sites, as per normal operations. Damang’s energy
consumption decreased as mining reduced in line with the mine plan, while St Ives’ consumption
increased significantly as total tonnes mined increased
Renewable electricity (% of total)
18%
17%
4%
The year-on-year increase was expected as we expanded our renewable energy generation on-site.
The Khanyisa solar plant provided 17% of South Deep’s electricity in 2024 (2023: 15%)
Energy intensity
6.39GJ/oz
5.64GJ/oz
13%
Energy intensity was impacted by the 10% decline in production in 2024
Energy savings through initiatives
0.16PJRA
1.27PJ
—
Not applicable as methodology changed
0.22PJ
(28)%
An improved methodology in 2024 resulted in reduced energy savings being recorded. Based on our
2024 methodology, energy savings for 2023 would have been 0.22PJ. Until 2023, electrical energy
generated through renewable plant generation was included under energy savings initiatives; from
2024, only the emissions and cost savings from these sources are accounted for
Energy spend
US$423m
US$405m
4%
Consistent with growth in energy costs and the increase in energy consumption
2024
2023
Year-on-year
change
Baseline year
2030 target Comment
Carbon performance
Scope 1 and 2 emissions
1,632kt CO2eRA
1,632kt CO2e
0%
1,693kt CO2e
(2016)
1,185kt CO2e We maintained emissions year-on-year as we work towards our 2030 goal
amid a higher percentage of renewable energy in our energy mix
Scope 1 and 2 emission intensity
726kg CO2e/oz
656kg CO2e/oz
11%
786kg CO2e/oz
(2016)
423kg CO2e/oz Consistent with energy intensity changes, largely driven by the 10% decline in
production in 2024
Scope 1 and 2 emission reductions
(through initiatives)
256kt CO2eRA
201kt CO2e
28%
Driven by increased renewable energy generation and energy efficiency
projects
Scope 3 emissions
823kt CO2eRA
950kt CO2e
(13.3)%
980kt CO2e
(2022)
882kt CO2e Reductions primarily driven by the sale of Asanko, updated emissions factors
in Australia and Ghana, and reduced volumes at Cerro Corona
Amount spent on energy and emissions
savings initiatives
US$17m
US$8m
113%
Increased investment in efficiency projects
GOLD FIELDS Integrated Annual Report 2024
59
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Environmental stewardship continued
2024 renewable projects
Mine
Detail
Approved budget
Commission date
Granny Smith
11MW solar farm and 7MW battery
expansion
Power purchase
agreement (PPA)
Q1 2025
St Ives
35MW solar farm and 42MW wind
A$295m (US$195m)
Q1 2026
Renewable project studies
Mine
Detail
Gruyere
Prefeasibility study for a possible solar farm expansion
Granny Smith
Prefeasibility study for a possible wind farm
South Deep
Wind, solar and battery power scoping study underway. Environmental approval for a
40MW wind farm and an additional 30MW of solar has been granted
Salares Norte
Solar farm of approximately 2MW (study to commence in 2026); waste energy from diesel
power plant under review
Energy performance
Decarbonisation Strategy
Gold Fields is committed to achieving net-zero carbon emissions by 2050 in alignment with the Paris
Agreement. Our target-driven Decarbonisation Strategy is structured around a framework that prioritises
energy resilience and cost-effective reduction in emissions while maintaining operational efficiency and
business sustainability. Applying a commercial lens has been critical since Gold Fields formally launched its
Decarbonisation Strategy in 2016. We have a portfolio-based view of our decarbonisation efforts, critically
assessing where the greatest opportunities lie to enhance operational flexibility and energy security and
meet our carbon reduction priorities.
We have systematically integrated renewable energy solutions, process efficiencies and technology-driven
abatement strategies to reduce our carbon footprint while maintaining production growth. By 2024, we had
achieved a 4% reduction in Scope 1 and 2 emissions against our 2016 baseline, while production increased
by 5% over the same period. The reductions are attributed to various renewable energy investments at five of
our nine operations, the use of hydroelectricity at Cerro Corona, as well as a range of energy efficiency
projects at all our operations. In 2023, we also added a target to reduce our net Scope 3 emissions by 10%
against a 2022 baseline, and we continue to engage with our key suppliers as we work towards this target.
Looking ahead, our Decarbonisation Strategy will focus on four key pillars to achieve our 2030 targets:
• Renewable energy expansion: Gold Fields will continue integrating renewable energy sources across its
operations. We are implementing solar, wind and hybrid energy solutions based on operation-specific
technical and financial evaluations, ensuring grid stability and optimised returns
• Electrification of material movement and operations: As part of the Group’s emissions reduction efforts,
we will focus on transitioning from diesel-powered equipment to electrified alternatives
• Energy efficiency and process optimisation: We continue implementing process efficiency improvements
to reduce overall energy intensity
• Decarbonisation technologies: Gold Fields undertook a structured review of emerging decarbonisation
technologies to assess their maturity, scalability and emissions reduction potential per operation
Energy costs and energy savings
GOLD FIELDS Integrated Annual Report 2024
60
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Environmental stewardship continued
The infographic below indicates how Gold Fields plans to reduce its Scope 1 and 2 carbon emissions by a net
30%, from 1,693kt CO2e in 2016 (our baseline year) to 1,185kt CO2e by 2030. Assuming further gold
production growth by 2030, the emissions reduction required may well be an absolute 50% over that period.
Approximately 50% of targeted emissions reductions by 2030 are expected to come from renewable energy,
with the remainder achieved through electrification, efficiency enhancements and transitionary abatement
measures. Two renewable projects, included below, will play a particularly important role in helping us reach
our 2030 Group decarbonisation goals, while also providing significant cost and energy supply security.
At St Ives, we are constructing our largest renewable energy project to date, with an investment of A$295m
(US$195m), comprising a 42MW wind farm and a 35MW solar plant. The renewable system is expected to
provide 73% of St Ives’ electricity and will reduce the mine’s Scope 1 and 2 carbon emissions by about 50%
by 2030.
During 2024, the 50MW Khanyisa solar plant at South Deep, commissioned in 2023 for R715m (US$46m),
provided 17% of South Deep’s electricity, as well as R350m (US$19m) in cost savings since commissioning
when compared to the tariffs charged by the state utility and saved 178kt CO2e in Scope 1 and 2 emissions.
As we consider further investments in renewables at South Deep – via wind turbines or an expansion of our
solar plant – these benefits will be even more pronounced over the 70-year LOM.
Additional renewables deployment at other mines and the ongoing focus on energy efficiency will account
for the bulk of the emission reductions achieved by 2030. The source of the remaining contributions will be
determined through the ongoing mid-point review, expected to be a combination of further renewables,
energy efficiency and electrified (instead of fossil fuel powered) materials movement technologies.
2030 decarbonisation trajectory (kt CO2e)
GOLD FIELDS Integrated Annual Report 2024
61
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Environmental stewardship continued
Water stewardship
Gold Fields prioritises water stewardship as a key component of the Group’s strategic pillars as we recognise
the critical role water plays in our mining and ore processing activities, the communities in which we operate
and the wider ecosystems. As an indispensable shared resource and fundamental human right, we
appreciate the inherently multi-dimensional value water holds for people and nature. We develop and
implement our operation-based water stewardship strategies and three-year water tactical plans based on
the individual context of our sites. This is especially important as three of the four countries in which we
operate are classified as water-stressed. Furthermore, we are building on our ever-increasing knowledge
base and lessons learned to continuously refine our comprehensive climate change-related risk management
processes in our operations.
Water Stewardship Strategy
Our Group 2030 Water Stewardship Strategy is rooted in our commitments as set out in the Group Water
Stewardship Policy Statement. These are categorised into four pillars: climate adaptation and preparedness,
water efficiency, protecting water quality, and catchment management – the latter recognising that, in many
jurisdictions, our operations share the water they use with communities.
Our two 2030 Group water targets drive our performance towards greater water efficiency, as set out below.
The risk-informed asset water stewardship strategies of each operation are founded on the four pillars,
supported by three-year tactical plans.
During 2024, Gold Fields spent US$72.4m (2023: US$46.6m) on water stewardship and projects, including
upgrading old return water dams and commissioning a reverse osmosis plant at South Deep and introducing
tailings filters at Salares Norte.
Total water withdrawal1 across the Group amounted to 18.1GLRA in 2024 (2023: 18.3GL), while water
withdrawal per tonne processed was 403L/tRA (2023: 406L/t). The Group’s 2024 water consumption2 was
14.5GLRA (2023: 13.8GL).
Performance against targets
2030 target
2024 target
2024 performance
Reduce freshwater
withdrawal3 by 45%
from 2018 baseline
Reduce freshwater
withdrawal by 19%
from 2018 baseline
Total freshwater withdrawal for 2024 amounted to
11.1GLRA – a 23% reduction from our 2018 baseline. We
adjusted our freshwater target during the year to include
Granny Smith in the Group freshwater calculation,
necessitated by a heavy rainfall event which improved
Granny Smith’s water quality to “fresh”. We achieved the
adjusted target. Our 2030 target remains unchanged.
Recycle/reuse4 80% of
total water used
Recycle/reuse 75%
of total water use
74%RA of total water used by the Group was recycled or
reused, falling slightly short of our 2024 target, mainly due
to challenges experienced at South Deep and Tarkwa.
Tarkwa recorded low rainfall during Q1 2024, reducing the
size of the TSF ponds and, consequently, the volume of
process water available for recycling or reuse. A delay in
completing the upgrade to South Deep’s Old Return Water
Dam reduced storage capacity for process water. Dry
weather further reduced the ability for recycling and reuse.
GOLD FIELDS Integrated Annual Report 2024
62
1 Water withdrawal is the sum of all water drawn into Gold Fields’ operations from all sources (including surface water, groundwater, rainwater, or water from other organisations, state or municipal providers) for any use at the mine
2 Water consumption is total water withdrawal less discharge
3 Freshwater withdrawal is water with low concentrations of dissolved salts and other dissolved solids
4 Recycled water is water or wastewater that is treated before being reused, while reused water is water or wastewater that is reused without treatment at the same operation
Freshwater withdrawal
Group total water withdrawal and intensity
Water recycled/reused
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Environmental stewardship continued
Integrated mine closure
Mine closure is a critical part of responsible mining, aiming to ensure a positive and sustainable legacy once
extraction ceases. We integrate mine closure planning throughout the lifecycle of our assets, aligning with
international best practices like IFRS (IAS 37) and the ICMM’s Integrated Mine Closure: Good Practice Guide,
as well as stakeholder interests.
Our approach prioritises progressive rehabilitation and restoring disturbed land during active mining to
minimise environmental and socio-economic impacts and enhance asset value. Compliance forms a
fundamental part of Gold Fields’ closure governance. Our closure governance universe includes Gold Fields’
policies and guidance, and national and other legislative and regulatory requirements.
Progressive rehabilitation performance
We continually revise and update our progressive closure plans, which incorporate material aspects,
including socio-economic, technical and environmental designs, remediation and landform reshaping. These
plans are refined by the outcomes of our stakeholder engagements, including consultations with the relevant
authorities. We set a Group target of 85% rehabilitation performance against our progressive closure plans.
During 2024, we achieved a Group average of 88% implementation against the plans, while all operations
had their closure plans fully approved by relevant regulators.
2024 Group closure cost estimate
The 2024 closure cost estimate (CCE) are the funds to be provided as at financial year-end to cover the cost
of closure and rehabilitation of our operations. The Group’s CCE is calculated in compliance with legislative
and financial reporting requirements and is independently assured by technical and financial auditors.
Following the annual review of the CCE, our consolidated environmental liability for 2024 was increased by
6% to US$641m (2023: US$598m). This was driven primarily by increased liability requirements for Tarkwa
and Cerro Corona. Tarkwa conducted a detailed study, which resulted in a CCE increase of US$11m. Since
Cerro Corona is approaching closure, alignment with feasibility study standards necessitated a CCE increase
of US$25m during the year.
Gold Fields pivoted to a proactive mine closure funding approach during 2022, through which we
supplement the legislated funding amounts on a country basis. The supplementary funding builds on the
existing bank guarantees and other security agreements to ensure adequate cover for any potential
unplanned closures and country-specific legislative and regulatory requirements. The countries have made
additional provisions for mine closure totalling US$37m in 2024.
The breakdown per operation is provided in the table below.
Mine
2024 progressive
rehabilitation
completion
against plan (%)
2024 CCE
(US$m)
2023 CCE
(US$m)
Gruyere
92
25
26
Granny Smith
92
61
61
St Ives
85
104
103
Agnew
87
39
41
South Deep
81
43
43
Damang
94
27
25
Tarkwa
81
93
82
Salares Norte
_
48
47
Cerro Corona
90
194
169
Windfall1
_
7
_
TOTAL
641
598
1 Windfall Mining’s operations are being integrated into Gold Fields’ existing control environment. As permitted under SEC
guidance for recently acquired businesses, management excluded Windfall Mining from its assessment of internal control
over financial reporting
GOLD FIELDS Integrated Annual Report 2024
63
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Environmental stewardship continued
Tailings storage facility management
Tailings governance
Gold Fields’ tailings governance, coupled with robust risk management
processes, provides the basis on which we conduct our integrated
tailings stewardship, including the planning, design, construction,
operation, closure and rehabilitation of our TSFs. The effective
management of our TSFs over the full lifecycle is informed by leading
industry-specific risk management principles and guided by site-
specific plans.
During 2024, we further strengthened our tailings governance by
appointing an independent consultancy to conduct operational and
governance reviews of the Group’s 37 TSFs every three years. The
mandate included an operational audit and governance review of all
TSFs owned, operated and managed. The audit included a review and
gap analysis against the Group’s new Tailings Management Standard.
We are pleased that no dam safety concerns were identified during
the review. The operational gaps identified in the review are being
addressed.
Progress against 2030 targets
We are well on track to meet both our 2030 targets. The first target is
to reduce the number of active upstream-raised TSFs from five to
three. During 2024, we reduced our active upstream-raised facilities
from five to four with the completion of the transition of Tarkwa’s TSF 2
from an upstream-raised facility to a downstream-raised facility.
Tarkwa’s TSF 1 is being transitioned from an upstream to a
downstream facility, with expected completion by end-2025.
The second target is conformance with the GISTM. Gold Fields met the
requirements of our ICMM commitment requiring all high-priority TSFs
to conform with the GISTM by August 2023. The results for both
Tarkwa and Cerro Corona were disclosed in August 2023 and are
available on our website here. The self-assessments and concomitant
results for the remaining non-priority facilities are progressing
according to plan and will be disclosed within the prescribed timeline
of August 2025. We have contracted ERM, a third-party independent
consultancy, to verify the internal self-assessment outcomes.
Key initiatives
• Gold Fields, a member of the GeoStable Tailings Consortium, is
conducting a commingling trial at Tarkwa. This involves assessing
the feasibility of commingling two core materials, tailings and waste
rock, to a specified mix design ratio and depositing them into a
single repository. The aim is to blend the tailings and waste rock to
produce an engineered material with superior physical and
geochemical properties for the construction of mining landforms
• Gold Fields commissioned its first filtered stack TSF in the Group at
its Salares Norte project in Chile in Q2 2024. The base of the
tailings deposit is underlain with a geomembrane. The tailings from
this TSF carry only a very limited amount of water, critical in a region
where the supply of water is very limited
GOLD FIELDS Integrated Annual Report 2024
64
Tailings storage facilities are an integral part of our mining operations around the world – seen here are our tailings storage facilities in South Africa, Australia and Peru
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
GOLD FIELDS Integrated Annual Report 2024
65
Our operations in Western Australia comprise both underground and
open-pit mines and are powered by renewable electricity plants
Production and cost performance
66
Financial performance
68
Performance of our operations
69
Mineral Resources and Mineral
Reserves summary
79
Exploration
82
In this section
Our performance
We continue to improve the quality of our portfolio by adding low-cost, long-life
assets that will enable us to create value sustainably, through the cycles.
Simultaneously, we are investing in our existing operations to ensure their
continued sustainability, productivity and longevity.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Production and cost performance
Group operational performance
The operating environment remained volatile for gold producers
during 2024, despite the inflationary headwinds starting to ease during
the course of the year.
Gold Fields had a challenging H1 2024, with severe weather
conditions and operational challenges at some of our mines impacting
delivery. In addition to underperformance by Gruyere, St Ives, South
Deep and Cerro Corona during H1 2024, the slower-than-planned
ramp-up at Salares Norte due to the early onset of winter resulted in
Gold Fields reducing our guidance twice for 2024.
There was significant improvement during H2 2024. The mines
impacted by weather-related or operational challenges during the first
half of the year recovered during H2 2024, contributing to Gold Fields
posting a strong set of second-half results. Second-half production
was 26% higher than in H1 2024, and our AISC decreased by 12%,
enabling the Group to meet the revised full-year guidance for both
production and costs.
South Deep had a particularly strong second half as the team
addressed the backfill leakage and rehandling issues experienced in
H1 2024 and transitioned into higher-grade areas.
St Ives also recorded material improvement in H2 2024, with
production increasing by 38% from H1 2024, as we completed
developing the Swiftsure and Invincible Footwall South open pits,
which started contributing to the mining mix.
Group attributable gold-equivalent production for 2024 was 10% lower
year-on-year at 2,071koz (2023: 2,304koz, including Asanko),
compared to revised guidance of 2,050koz – 2,150koz. The lower
production was driven by the challenges faced in H1 2024.
Group AIC increased by 24% to US$1,873/oz in 2024 (2023: US$1,512/
oz). The year-on-year increase is mainly due to a 10% decrease in gold
sold (US$144/oz), additional gold inventory charges (US$85/oz), higher
sustaining capex (US$68/oz), an increase in royalties in line with the
higher gold prices (US$12/oz) and an increase in operating costs
(US$48/oz).
AISC for the year amounted to US$1,629/oz (2023: US$1,295oz), in the
middle of revised guidance of US$1,580/oz – US$1,670/oz.
Other salient financial features during 2024 included the following:
• Royalty expenses increased by 28% to US$148m
• The Group’s taxation charge increased by 50% to US$697m from
US$465m in 2023
• Total capex increased by 12% to US$1,183m
• No impairments were recorded in 2024
Considering the above, attributable profits for 2024 totalled
US$1,245m – a 77% increase from the US$703m reported in 2023 –
while normalised earnings increased by 36% to US$1,227m (2023:
US$900m).
Despite the operational challenges, the gold price provided a strong
tailwind to our performance. The average gold price received during
2024 improved to US$2,418/oz, a 25% increase from the average
price of US$1,942/oz in 2023.
The Australian Dollar and South African Rand remained fairly stable
against the US Dollar during 2024, allowing our Australian mines and
South Deep to realise the benefit of the higher US Dollar gold price.
The Australian Dollar remained flat at A$1/US$0.66, while the South
African Rand strengthened by 1% to average R18.33/US$1 during 2024.
The political backdrop in some of Gold Fields’ operating countries
remained volatile during 2024, with peaceful elections held in two of
the Group’s key operating jurisdictions – Ghana and South Africa.
However, in Ghana, ahead of the national elections in December
2024, negotiations with the government around the proposed Tarkwa/
Iduapriem JV with AngloGold Ashanti progressed slower than
anticipated. Despite constructive engagement, we did not obtain the
requisite government approvals for the proposed JV before the
elections. Gold Fields and AngloGold Ashanti continue to believe
combining Tarkwa and Iduapriem into a single managed entity is
compelling, given that it is anticipated to extend LOM, increase
production and lower costs, thereby creating value for all stakeholders.
Engagements with newly elected government ministers have
commenced with the hope of obtaining approval for the JV. However,
at the same time, we continue to pursue improvements to Tarkwa.
After experiencing several delays since construction began – driven
by the impacts of the Covid-19 pandemic, adverse weather conditions,
supply chain constraints and construction labour scarcity –
construction of the Salares Norte plant was completed in early in
2024. Commissioning of the plant started during Q1 2024, and an
important milestone was met when first gold was poured on 28 March
2024. However, after commencing the ramp-up of the plant, severe
winter conditions in mid-April 2024 froze material in the circuit and
resulted in the planned ramp-up being put on hold.
Much of the winter period (Q2 and Q3 2024) was spent unfreezing and
purging material in the primary circuits. The Salares Norte team was
able to safely restart the ramp-up at the end of September 2024 and
the mine produced 45koz-eq during Q4 2024.
Salares Norte is expected to ramp-up to steady-state levels by
Q4 2025. We expect the mine to produce 325koz-eq – 375koz-eq
in 2025.
We provide a detailed analysis of our financial performance in the
management’s discussion and analysis of the Group’s Annual
Financial Statements in the 2024 Annual Financial Report. The
consolidated income statement, statement of financial position and
cash-flow statement is also included in our 2024 Annual Financial
Report.
2025 guidance
2024 actual1
2024 guidance (revised)
2023 actual
Production
(Moz)
AIC
(US$/oz)
Production
(Moz)
AIC
(US$/oz)
Production
(Moz)
AIC
(US$/oz)
Production
(Moz)
AIC
(US$/oz)
Group
2.250 – 2.450
1,780 – 1,930
2.071
1,873
2.050 – 2.150
1,820 – 1,910
2.304
1,512
1 Excluding Asanko
GOLD FIELDS Integrated Annual Report 2024
66
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Production and cost performance continued
Capital expenditure
2024 was another year of significant capex for Gold Fields, driven
primarily by project capex of US$246m and ramp-up at Salares Norte.
The Group maintained capex levels that, we believe, are important to
ensure the longevity of the portfolio. Total capex increased to
US$1,183m, a 12% increase on the US$1,055m spent in 2023. This
comprised sustaining capex of US$849m and project capital of
US$334m.
The increase in sustaining capex is mainly attributable to increased
expenditure at Gruyere and St Ives. Gruyere’s capex was driven by
pre-stripping of stages four and five of the Gruyere pit, while St Ives
capex increased due to pre-stripping of the Invincible Footwall South
and Swiftsure open pits, together with increased development and
infrastructure capital at the Invincible Underground complex.
Country-specific capex was as follows:
• Australia: Capex at our Australian mines rose to A$660m
(US$436m) in 2024 (2023: A$445m (US$296m)), mainly due to
increased stripping and underground development at Gruyere and
St Ives, and initial capital spent on the St Ives renewables project
• South Africa: Capex at South Deep increased by 19% to R2,046m
(US$112m) in 2024 (2023: R1,717m (US$93m)). The major spending
items related to CAS equipment and technology investment, major
component replacements and fleet refurbishments, as well as new
mine development
• Ghana: Total capex (excluding Asanko) decreased by 5% to
US$211m in 2024 (2023: US$221m), driven by a drop in
infrastructure investment at Tarkwa
2025 guidance
We expect Group attributable gold-equivalent production to range
between 2.25Moz – 2.45Moz in 2025. AISC is expected to be
between US$1,500/oz – US$1,650/oz, with AIC expected to be
between US$1,780/oz – US$1,930/oz. Included in non-sustaining
capex for 2025 is US$48/oz for the renewable power project at St Ives
and C$403m (US$285m) at the Windfall project in Canada. Excluding
the St Ives renewables project, the Windfall project and other
corporate projects, AIC is guided to be between US$1,625/oz –
US$1,775/oz in 2025.
We expect total 2025 Group capex to be US$1.49bn – US$1.55bn.
Sustaining capital is expected to be US$940m – US$970m, driven
largely by:
• Increased capital waste stripping at Gruyere and Tarkwa
• Underground development at Granny Smith
GOLD FIELDS Integrated Annual Report 2024
67
A fleet of trucks services our open-pit mines at all our operations, with the exception of South Deep in South Africa
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Financial performance
Capital allocation and debt management
Capital allocation is a key element of Gold Fields’ strategic
decision-making process. During 2024, we refined our Capital
Allocation Framework to guide how capital is deployed and ensure
the most attractive return on this capital.
After satisfying the above capital allocation priorities, discretionary
growth investments need to compete with additional returns to
shareholders. Discretionary growth investments could include
exploration, extending the life of existing assets, organic growth
opportunities and inorganic M&A opportunities.
Capital allocation priorities
Maintain our investment grade credit rating
Spend necessary capital to ensure safe and
reliable production
Pay a base dividend of 30% – 45% of normalised
earnings
Remaining FCF must compete based
on returns
Discretionary (growth)
investments
Additional returns to
shareholders
(Work is under way to review
mechanisms for additional returns
Despite challenging operating conditions, Gold Fields is making good
progress in advancing all of our capital allocation priorities.
During 2024, net debt increased by US$1,062m, largely driven by the
US$1,450m payment for acquiring Osisko Mining in October. This
resulted in a higher net debt:adjusted EBITDA ratio of 0.73x at end-
December 2024, which is comfortably below our target of 1.0x through
the cycle. This compares with net debt of US$1,024m and a net
debt:adjusted EBITDA ratio of 0.42x at end-December 2023. Excluding
lease liabilities, core net debt amounted to US$1,635m at the end of
2024.
Throughout the year, Gold Fields maintained the capex levels we
believe are essential to ensure safe and reliable production and
enhance the longevity of our portfolio. Group capex amounted to
US$1,183m in 2024 compared with US$1,055m in 2023, comprising
sustaining capex of US$849m (2023: US$692m) and growth capex
of US$334m (2023: US$363m).
The strong operational recovery during H2 2024, coupled with the
gold price tailwinds, translated into a strong financial performance,
enabling Gold Fields to declare a final dividend of R7.00 per share.
This brought the total 2024 dividend to R10.00 per share (2023: R7.20
per share), equating to a 40% payout of normalised earnings and a
dividend yield of 3.58%. It also represents 80% of FCF generated
during 2024 and is a record dividend for the Group.
Looking ahead, our 2025 capital allocation priorities remain
unchanged and will again be informed by our strategy to improve the
quality of our asset base and extend the LOM of our portfolio while
balancing returns to shareholders. Aligned with our priorities, we have
budgeted for total capital of US$1,490m – US$1,550m for 2025.
Salares Norte production of between 325koz-eq – 375koz-eq at AISC
of US$975/oz-eq – US$1,125/oz-eq, is expected to provide a tailwind
to earnings in 2025 (based on our metal price assumptions), which will
enable Gold Fields to pay another attractive dividend in the fiscal year.
Liquidity profile
Gold Fields actively manages the liquidity and maturity profile of the
Group’s debt. Upon maturity in May 2024, we repaid our US$500m
bond using our existing RCF. In addition to our remaining US$500m
bond, which matures in 2029, we put in place a US$750m multi-
currency bridge facility to fund part of the Osisko Mining acquisition in
October 2024. This facility has a 12-month maturity, extendable by up
to six months, with a competitive interest rate that increases through
the maturity of the facility.
Our RCF, which was refinanced in June 2023, has a principal loan
amount of US$1.2bn, with an option to increase the facility by up to
US$400m and a maturity of five years. In 2024, the first of two one-
year extension options on this facility was exercised. It is linked to the
achievement of three of the Company’s key sustainability priorities:
gender diversity, water stewardship and decarbonisation.
The margin on the facility is subject to rating and sustainability margin
adjustments. Gold Fields will benefit from a lower margin depending
on the fulfilment of certain sustainability-linked KPIs under the facility
agreement. Conversely, Gold Fields will pay a premium on its margin if
the KPIs are not met.
Similar sustainability criteria apply to the five-year A$500m syndicated
credit facility (with a A$100m accordion option) the Company entered
into with a consortium of 10 Australian and international banks in
October 2023.
For 2024, we achieved the following performance under the three
KPIs linked to the facilities1:
• 86kt CO2eRA cumulative annual carbon abatement of Scope 1 and 2
emissions through renewable projects since inception against a
2022 baseline and a 2024 target of 100kt CO2e2
• 74%RA water recycled/reused against a target of 75%
• 25%RA women employees as a percentage of total employees in our
workforce, against a target of 24%
Performance against the KPIs is independently verified by PwC Inc.RA.
Gold Fields is currently assessing our options to refinance the
US$750m bridge facility.
Hedging
Given the volatility of the gold price, Gold Fields does not enter long-
term systematic hedges, but instead regularly evaluates the Company’s
position and outlook to determine whether short-term hedging is
appropriate. Our policy allows for hedging to protect cash-flows:
• During times of significant capex
• For specific debt servicing requirements
• To safeguard the viability of higher-cost operations
We did not have any revenue hedges (gold and copper price), cost
input hedges or currency hedges in place during 2024 and remain in
an unhedged position.
The 2025 financial year will again see significant investment into the
Group’s assets, with C$403m (US$285m) budgeted for the Windfall
project and US$110m budgeted for the St Ives renewable power project.
GOLD FIELDS Integrated Annual Report 2024
68
1 The calculation methodology used was the same as the calculation methodology applied in the 2023 and prior IARs and Climate Change reports
2 Calculated in accordance with the accounting and reporting standards as published by the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Performance of our operations
Gruyere
Gruyere is a 50/50 JV between Gold Fields and Gold Road Resources in Western Australia’s Yamarna Belt. The mine operates on a large scale as a low-grade open-pit operation, with ore processed through a 9.6Mtpa
carbon-in-leach plant. Since its first gold pour in 2019, Gruyere has consistently contributed steadily to the Group’s Australian portfolio.
Key developments during 2024
Production (on a 100% basis) decreased by 11% to 287koz in 2024 (2023: 322koz). Gruyere was
affected by significant rainfall in March 2024, which damaged and closed the roads providing primary
access to the mine. As a result, deliveries of diesel and consumables were limited and mining activity
and ore processing temporarily ceased during March and April. There was a material turnaround during
H2 2024, with gold production increasing by 26% compared to H1 2024.
AIC increased by 38% to A$2,474/oz (US$1,632/oz) in 2024 (2023: A$1,792/oz (US$1,190/oz)), mainly
due to increased capex and lower gold sold. Total capex (on a 50% basis) increased by 66% to
A$129m (US$85m) in 2024 (2023: A$78m (US$52m)), due to pre-stripping of stages four and five of the
Gruyere open pit. Gruyere generated adjusted pre-tax FCF (on a 50% basis) of A$186m (US$123m) in
2024 (2023: cash-flow of A$178m (US$118m)).
Outlook
Gruyere is expected to produce 325koz – 355koz (100% basis) in 2025 at AISC of between A$2,485/oz –
A$2,715/oz (US$1,640/oz – US$1,790/oz) and AIC of between A$2,500/oz – A$2,730/oz (US$1,650/oz –
US$1,800/oz). Gold Fields’ share (50%) of sustaining capex is estimated to be A$192m (US$127m) with no
non-sustaining capex budgeted for the year.
The mine will continue open-pit operations while evaluating underground opportunities to extend mine
life. A 60,000m drilling programme started in early 2025, targeting underground mining potential.
In March 2025, Gold Fields provided a non-binding, indicative and conditional proposal to Gold Road
Resources’ Board of Directors to acquire 100% of Gold Road’s share capital. The proposed acquisition
would consolidate Gold Fields’ ownership of Gruyere. The proposal was rejected by the Gold Road
Board (see p118 of the Annual Financial Report).
2025 guidance
2024 actual
2024 guidance
2023 actual
Production
(koz)
AIC
(A$/oz (US$/oz))
Production
(koz)
AIC
(A$/oz (US$/oz))
Production
(koz)
AIC
(A$/oz (US$/oz))
Production
(koz)
AIC
(A$/oz (US$/oz))
163 – 178
2,500 – 2,730
(1,650 – 1,800)
144
2,474 (1,632)
150 – 168
2,080 – 2,310
(1,370 – 1,525)
161
1,792 (1,190)
GOLD FIELDS Integrated Annual Report 2024
69
2024 performance
Gold Fields invested A$2.8m (US$1.8m) in near-
mine exploration at Gruyere during 2024,
concentrating on extensions at-depth and
evaluating pit expansion and underground
potential. Attributable Mineral Reserves fell by
6% to 1.7Moz, which aligns with expectations and
the LOM plan. Mineralisation continues at-depth
and we are reviewing the potential for moving
underground in the future.
Strategic
pillar 1
Strategic
pillar 2
Strategic
pillar 3
Deliver safe, reliable
and cost-effective
operations
Deliver positive social
and environmental
impact
Grow the value and
quality of our portfolio
of assets
• Zero fatalities or serious injuries
• TRIFR of 8.4
• Adjusted pre-tax FCF (on a 50% basis) of A$186m (US$123m)
• 202 employees and 692 contractors
• 23% of employees are women
• 231kt CO2e Scope 1 and 2 carbon emissions
• Gold Mineral Resources of 1.80Moz and Mineral Reserves of
1.73Moz
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Performance of our operations continued
Granny Smith
Granny Smith is a wholly owned underground gold mine operated by Gold Fields, situated in the Eastern Goldfields region of Western Australia. The Wallaby deposit underpins the mine and showcases strong geological potential
for Mineral Reserve replacement. The operation processes ore through a 3.5Mtpa mill and remains a vital asset in Gold Fields’ Australian portfolio, delivering stable production alongside ongoing exploration successes.
Key developments during 2024
Gold production increased by 1% to 287koz in 2024 (2023: 284koz), exceeding the original guidance
by 6%. The mine benefited from consistent performance and continued Mineral Reserves replacement,
with a particular focus on Zones 135 and 150 within the Wallaby underground mine.
AIC increased by 7% to A$1,925/oz (US$1,270/oz) (2023: A$1,800/oz (US$1,196/oz)), largely due to
higher sales costs before amortisation and depreciation and increased capex. Total capex grew by
6% to A$122m (US$80m) (2023: A$115m (US$76m)), with funds directed towards underground
development and infrastructure.
The mine generated adjusted pre-tax FCF of A$455m (US$300m), compared to A$262m (US$174m)
in 2023.
Outlook
Granny Smith is expected to produce 255koz in 2025 at AISC of A$2,345/oz (US$1,550/oz) and AIC of
A$2,425/oz (US$1,600/oz). Sustaining capex is expected to be A$167m (US$110m) and non-sustaining
capex A$16m (US$11m).
For 2025, the focus will be on continued underground development and further extensions of the
Wallaby deposit. Near-mine exploration will remain a priority to support long-term mine life extension.
2025 guidance
2024 actual
2024 guidance
2023 actual
Production
(koz)
AIC
(A$/oz (US$/oz))
Production
(koz)
AIC
(A$/oz (US$/oz))
Production
(koz)
AIC
(A$/oz (US$/oz))
Production
(koz)
AIC
(A$/oz (US$/oz))
255
2,425 (1,600)
287
1,925 (1,270)
270
1,935 (1,277)
284
1,800 (1,196)
GOLD FIELDS Integrated Annual Report 2024
70
2024 performance
Gold Fields invested A$15.8m (US$10.4m) in
near-mine exploration at Granny Smith during
2024, successfully maintaining Mineral Reserves
at 2.4Moz, net of depletion.
Strategic
pillar 1
Strategic
pillar 2
Strategic
pillar 3
Deliver safe, reliable
and cost-effective
operations
Deliver positive social
and environmental
impact
Grow the value and
quality of our portfolio
of assets
• Zero fatalities or serious injuries
• TRIFR of 4.1
• Adjusted pre-tax FCF of A$455m (US$300m)
• 590 employees and 264 contractors
• 16% of employees are women
• 119kt CO2e Scope 1 and 2 carbon emissions
• Commenced construction of additional 11MW solar and 9MW
battery energy storage system
• Gold Mineral Resources of 3.89Moz and Mineral Reserves
of 2.39Moz
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Performance of our operations continued
St Ives
St Ives, which is 100% Gold Fields-owned, is situated in the Eastern Goldfields region of Western Australia. The operation includes open-pit and underground mining, with processing conducted through a 4.7Mtpa plant.
St Ives is a cornerstone asset in Gold Fields' portfolio, with considerable exploration potential – particularly within the Invincible Underground complex.
Key developments during 2024
Gold production decreased by 11% to 331koz in 2024 (2023: 372koz), slightly below guidance of
355koz. Production was negatively impacted in H1 2024 by a decrease in ore mined and lower grades.
In addition, there was no open-pit ore during H1 2024 as activities moved to pre-stripping the Invincible
Footwall South and Swiftsure open pits. St Ives also recorded a material improvement in H2 2024 (with
production increasing 38% between H1 2024 and H2) as development of the open pits were
completed and the pits started contributing to the mining mix.
AIC increased by 47% to A$2,885/oz (US$1,903/oz) in 2024 from A$1,958/oz (US$1,301/oz) in 2023 due
to lower ounces sold, higher cost of sales before amortisation and depreciation – mainly driven by
increased employee and contractor cost – and increased capex. Total capex increased by 105% to
A$300m (US$198m) from A$147m (US$97m) in 2023, mainly relating to pre-stripping of the Invincible
South and Swiftsure open pits, increased development and infrastructure capital at the Invincible
Underground complex, and A$49m (US$32m) spent on the mine’s renewable energy project. Adjusted
pre-tax FCF decreased by 36% to A$228m (US$150m) in 2024 from A$354m (US$235m) in 2023 due
to lower gold sold and increased capex, partially offset by a higher gold price received.
Outlook
St Ives is expected to produce 383koz in 2025 at AISC of A$2,210/oz (US$1,460/oz) and AIC of
A$2,880/oz (US$1,900/oz). Sustaining capex is expected to be A$203m (US$134m) and non-sustaining
capex A$229m (US$151m). Included in the non-sustaining capex is A$167m (US$110m), which will be
spent on St Ives’ renewable energy project.
2025 guidance
2024 actual
2024 guidance
2023 actual
Production
(koz)
AIC
(A$/oz (US$/oz))
Production
(koz)
AIC
(A$/oz (US$/oz))
Production
(koz)
AIC
(A$/oz (US$/oz))
Production
(koz)
AIC
(A$/oz (US$/oz))
383
2,880 (1,900)
331
2,885 (1,903)
355
2,900 (1,913)
372
1,958 (1,301)
GOLD FIELDS Integrated Annual Report 2024
71
2024 performance
Strategic
pillar 1
Strategic
pillar 2
Strategic
pillar 3
Deliver safe, reliable
and cost-effective
operations
Deliver positive social
and environmental
impact
Grow the value and
quality of our portfolio
of assets
• One fatality and zero serious injuries
• TRIFR of 3.8
• Completed Swiftsure and Invincible Footwall South development
• Adjusted pre-tax FCF of A$228m (US$150m)
• 487 employees and 908 contractors – 31% of our people are
employed from our host community
• 23% of employees are women
• 195kt CO2e Scope 1 and 2 carbon emissions
• A$295m (US$195m) renewables project under construction,
with completion due in 2026
• Gold Mineral Resources of 2.74Moz and Mineral Reserves
of 3.35Moz
• Discovered 1.4Moz of additional Mineral Resources through
brownfields exploration
St Ives continued to advance its exploration
efforts, with A$38.6m (US$25.4m) spent on
drilling programmes. Attributable Mineral
Reserves increased by 737koz (28%) to 3.3Moz,
net of depletion, driven by strong results from
the Invincible Underground complex, where
lateral and depth extensions contributed to net
Mineral Reserves growth.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Performance of our operations continued
Agnew
Agnew is a wholly owned underground gold mine operated by Gold Fields, located in the northern Goldfields region of Western Australia. The operation includes several underground mining areas and processes ore
through a 1.35Mtpa plant. Agnew boasts a strong history of Mineral Reserves replacement and remains an essential component of Gold Fields’ Australian operations portfolio.
Key developments during 2024
Agnew’s production decreased by 6% to 230koz in 2024 (2023: 245koz) mainly due to the completion
of the Barren Lands open pit in 2023, which contributed 13koz during that year. AIC increased by 16%
to A$2,240/oz (US$1,477/oz) in 2024 from A$1,939/oz (US$1,288/oz) in 2023 due to higher cost of sales
before amortisation and depreciation as a result of increased underground ore production and
increased employee and contractor cost. AIC was further impacted by increased capex and lower
gold sold.
Total capital investment increased by 4% to A$110m (US$72m) (2023: A$106m (US$70m)), with work on
the Barren Lands/Redeemer complex in progress.
Despite the decrease in production, Agnew generated adjusted pre-tax FCF of A$329m (US$217m)
compared to A$222m (US$148m) in 2023.
Outlook
Production at Agnew is projected to increase to 250koz in 2025. AISC and AIC are expected to be
A$1,850/oz (US$1,220/oz) and A$2,195/oz (US$1,450/oz), respectively. Key priorities for 2025 include
expanding the Redeemer complex and evaluating further underground extensions.
2025 guidance
2024 actual
2024 guidance
2023 actual
Production
(koz)
AIC
(A$/oz (US$/oz))
Production
(koz)
AIC
(A$/oz (US$/oz))
Production
(koz)
AIC
(A$/oz (US$/oz))
Production
(koz)
AIC
(A$/oz (US$/oz))
250
2,195 (1,450)
230
2,240 (1,477)
235
2,110 (1,393)
245
1,939 (1,288)
GOLD FIELDS Integrated Annual Report 2024
72
2024 performance
Strategic
pillar 1
Strategic
pillar 2
Strategic
pillar 3
Deliver safe, reliable
and cost-effective
operations
Deliver positive social
and environmental
impact
Grow the value and
quality of our portfolio
of assets
• Zero fatalities or serious injuries
• TRIFR of 8.7
• Adjusted pre-tax FCF of A$329m (US$217m)
• 337 employees and 537 contractors
• 21% of employees are women
• Indigenous representation of 3.5%, in line with target
• 74kt CO2e Scope 1 and 2 carbon emissions
• Fostering relations with Tjiwarl Traditional Owners
• Gold Mineral Resources of 1.55Moz and Mineral Reserves
of 0.97Moz
• Delivery of Barren Lands and Redeemer complexes on
track
Agnew continued to showcase robust Mineral
Reserves growth, with a 12% increase in
attributable Mineral Reserves to 1.0Moz, net of
depletion. Near-mine exploration remained a
priority, with A$23.1m (US$15.2m) spent on
drilling programmes.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Performance of our operations continued
South Deep
South Deep is a bulk, mechanised underground gold mine situated in the Witwatersrand Basin of South Africa. It is Gold Fields’ only South African operation, with one of the world’s largest known gold ore bodies.
South Deep is a long-life asset that continues to focus on improving productivity and profitability. Gold Fields’ holds 96.4% of South Deep, with the remainder owned by its BEE partners.
Key developments during 2024
South Deep had a tough start to 2024, with operational momentum impacted by a fatal incident on
2 January 2024. This was compounded by reduced stope access owing to increased backfill
rehandling and slow drilling through crushed ground, resulting in slower stope turnaround.
Gold production decreased by 17% to 8,313kg (267koz) in 2024 from 10,021kg (322koz) in 2023, largely
driven by lower longhole stoping volumes and lower grade and gold contribution from destress cuts.
Lower volumes from the longhole stopes were due to increased backfill rehandling restricting access
to stopes and slower stope turnaround.
Reef grade mined decreased by 10% to 5.77g/t from 6.41g/t in 2023 in line with the business plan,
largely driven by the mining footprint and mining mix between longhole stoping and destress. AIC
increased by 32% to R1,057,462/kg (US$1,794/oz) in 2024 from R800,097/kg (US$1,349/oz) in 2023,
mainly due to the lower gold sold, higher cost of sales before amortisation and depreciation and higher
capex.
Capex increased by 19% to R2,046m (US$112m) in 2024 from R1,717m (US$93m) in 2023, mainly due to
legislative requirement to safely manage machine and human interaction CAS level 9, annual major
components replacements and fleet refurbishments as well as new mine development. South Deep
generated an adjusted FCF of R3,070m (US$168m) in 2024 compared to R3,755m (US$204m) in 2023.
The 18% decrease is mainly due to a decrease in gold sold, partially offset by the higher gold price
received.
Outlook
South Deep is expected to produce between 8,700kg – 9,500kg (280koz – 305koz) in 2025. AISC
and AIC are expected to be R1,037,300/kg – R1,132,700/kg (US$1,745/oz – US$1,905/oz).
2025 guidance
2024 actual
2024 guidance (revised)
2023 actual
Production
(kg (koz))
AIC
(R/kg (US$/oz))
Production
(kg (koz))
AIC
(R/kg (US$/oz))
Production
(kg (koz))
AIC
(R/kg (US$/oz))
Production
(kg (koz))
AIC
(R/kg (US$/oz))
8,700 – 9,500
(280 – 305)
1,037,300 – 1,132,700
(1,745 – 1,905)
8,313 (267)
1,057,462 (1,794)
7,800 – 8,200
(250 – 264)
1,120,966 – 1,174,345
(1,890 – 1,980)
10,021 (322)
800,097 (1,349)
GOLD FIELDS Integrated Annual Report 2024
73
2024 performance
Strategic
pillar 1
Strategic
pillar 2
Strategic
pillar 3
Deliver safe, reliable
and cost-effective
operations
Deliver positive social
and environmental
impact
Grow the value and
quality of our portfolio
of assets
• One fatality and one serious injury
• TRIFR of 4.8
• Adjusted FCF of R3,070m (US$168m)
• Backfill issues addressed in H2 2024
• 2,613 employees and 2,653 contractors – 61% of our
people are employed from our host community
• 28% of employees are women
• 431kt CO2e Scope 1 and 2 carbon emissions
• Gold Mineral Resources of 25Moz and Mineral Reserves
of 28Moz
• Progressed with development towards the South of
Wrench fault
South Deep’s gold Mineral Reserves
decreased by 241koz, due largely to
depletion. At 31 December 2024, South Deep
had attributable gold Mineral Reserves of
28.0Moz. Brownfields exploration is focused
on the South of Wrench (new mine) area. The
mine’s LOM is 85 years given new long-term
production forecasts.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Performance of our operations continued
Damang
Damang is a Gold Fields-managed gold mine in Ghana’s Tarkwa-Damang Gold Belt. Gold Fields holds 90%, with the Ghanaian government owning the remaining 10%. Historically an open-pit operation, Damang has
transitioned to processing stockpiles following the completion of active mining.
Key developments during 2024
Gold production at Damang decreased by 12% to 135koz (2023: 153koz), though this was 8% higher
than guidance of 125koz. Reduced production was in line with the LOM plan for Damang, which ceased
mining and moved to only processing stockpiles during 2024.
AIC increased by 19% to US$2,002/oz in 2024 from US$1,679/oz in 2023 due to lower gold sold and a
higher gold inventory charge in 2024. Total capex remained flat at about US$5m and related to spend
on the Far East Tailings Storage Facility raise.
Adjusted FCF at Damang increased by 235% to US$138m in 2024 from US$41m in 2023 mainly due to
higher revenue resulting from higher gold price and no in-pit mining activity in 2024.
Outlook
While Damang continues to contribute good cash-flow to the Group, we are assessing ways to
optimise value for stakeholders, including options to realise the value of the remaining resource.
In December 2024, we applied for an extension of the Damang mining lease, which is due to expire
in April 2025. Our application was in accordance with applicable law, however, in March 2025 we
received notification that the extension application was rejected. Gold Fields is pursuing all avenues
to seek reversal of this decision and to, ultimately, obtain an extension of the Damang mining lease,
including through international arbitration, if required. As such, Gold Fields believes the Damang mine
continues to be a going concern, and will continue to operate through the processing of the remaining
stockpiles under the current LOM plan (see p118 of the Annual Financial Report).
2025 guidance
2024 actual
2024 guidance
2023 actual
Production
(koz)
AIC
(US$/oz)
Production
(koz)
AIC
(US$/oz)
Production
(koz)
AIC
(US$/oz)
Production
(koz)
AIC
(US$/oz)
85
2,340
135
2,002
125
2,030
153
1,679
GOLD FIELDS Integrated Annual Report 2024
74
2024 performance
Strategic
pillar 1
Strategic
pillar 2
Strategic
pillar 3
Deliver safe, reliable
and cost-effective
operations
Deliver positive social
and environmental
impact
Grow the value and
quality of our portfolio
of assets
• Zero fatalities or serious injuries
• TRIFR of 0.7
• Adjusted FCF of US$138m
• 204 employees and 1,248 contractors – 75% of our people
are employed from our host community
• 12% of employees are women
• Engaging with communities and local government on
increasing number of galamsey incursions
• Gold Mineral Resources of 3Moz
• Exploration work on smaller pits being conducted
No Mineral Reserves were declared for 2024,
as the remaining stockpiles do not meet
Gold Fields’ current conservative Mineral
Reserves economic criteria. The mine has
Gold Mineral Resources of 3Moz.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Performance of our operations continued
Tarkwa
Tarkwa is a large-scale open-pit gold mine situated in Ghana’s Tarkwa Basin. Gold Fields holds 90%, with the Ghanaian government owning the remaining 10%. Tarkwa is a cornerstone Gold Fields asset, consistently
meeting production targets and generating good cash-flow. The mine operates several open pits and processes ore using a conventional carbon-in-leach plant.
Key developments during 2024
Gold production decreased by 3% to 537koz in 2024 from 551koz in 2023, mainly due to planned
lower mined grade. Yield decreased by 8% to 1.12g/t in 2024 from 1.22g/t in 2023 due to lower feed
grade as a result of the increased contribution from lower grade stockpiles.
AIC increased by 26% to US$1,629/oz in 2024 from US$1,293/oz in 2023 due to lower gold ounces
sold and higher cost of sales before amortisation and depreciation – which includes a non-cash gold
inventory charge to cost of US$41m in 2024 compared to a credit to cost of US$53m in 2023.
Total capex decreased by 5% to US$207m in 2024 from US$216m in 2023, mainly due to a reduction
in infrastructure relocation and study costs.
Adjusted FCF increased by 14% to US$225m in 2024 from US$196m in 2023, driven by the higher
gold price received, partially offset by additional tonnes mined, royalties, taxes and change in working
capital.
In March 2023, Gold Fields announced a proposed JV between Tarkwa and AngloGold Ashanti’s
neighbouring Iduapriem mine. Despite constructive engagement with the Ghanaian government, the
requisite approvals for the proposed JV have not yet been obtained. Following the recent national
elections, Gold Fields and AngloGold Ashanti are working to engage the new government on
progressing the potential JV.
Outlook
Production at Tarkwa is anticipated to decrease to 488koz in 2025, as the mine advances a stripping
programme. AISC and AIC are expected to be US$1,855/oz. Advancing the Tarkwa/Iduapriem JV
remains a key deliverable for 2025.
2025 guidance
2024 actual
2024 guidance
2023 actual
Production
(koz)
AIC
(US$/oz)
Production
(koz)
AIC
(US$/oz)
Production
(koz)
AIC
(US$/oz)
Production
(koz)
AIC
(US$/oz)
488
1,855
537
1,629
540
1,480
551
1,293
GOLD FIELDS Integrated Annual Report 2024
75
2024 performance
Strategic
pillar 1
Strategic
pillar 2
Strategic
pillar 3
Deliver safe, reliable
and cost-effective
operations
Deliver positive social
and environmental
impact
Grow the value and
quality of our portfolio
of assets
• Zero fatalities and two serious injuries
• TRIFR of 0.6
• Adjusted FCF of US$225m
• 568 employees and 5,092 contractors – 71 % of our people
are employed from our host community
• 12% of employees are women
• Engaging with communities and local government on
increasing number of galamsey incursions
• Completed transition of TSF 2 to a downstream-raised
facility; TSF 1 to be completed in 2026
• Gold Mineral Resources of 3.84Moz and Mineral Reserves
of 3.84Moz
• Engagement with new Ghanaian government on proposed
Tarkwa/Iduapriem JV commenced
Tarkwa’s Mineral Reserves during 2024 declined
by 508koz to 3.84Moz, largely due to mine
depletion. Exploration activities are currently
focused on the Kottraverchy North pit and at
Kottraverchy Underground, though this is
unlikely to add to Mineral Resources in the near
future. Exploration is also planned at Greater
Kobada, with geophysical surveys planned for
Fanti North and Samahu.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Performance of our operations continued
Salares Norte
Salares Norte is a 100% Gold Fields-owned gold-silver deposit, located between 3,900m and 4,700m above sea level in the Diego de Almagro municipality in the Atacama region of northern Chile. Its high-sulphidation
epithermal system contains mineralisation that offer high-grade oxides. The world-class project will meaningfully change Gold Fields’ future profile by accelerating production growth and reducing the Group’s AIC.
Key developments during 2024
After producing first gold and commencing ramp-up at the end of March 2024, Salares Norte’s
processing plant was adversely impacted by severe winter conditions in mid-April 2024, causing
freezing of material in the circuit. The planned production ramp-up was subsequently paused, with
much of the winter period (Q2 and Q3 2024) spent unfreezing and purging material in the primary
circuit. Installing bypass circuits early in the winter ensured the main components of the plant could
continue to run and circulate solution while the main circuit was being cleaned.
The Salares Norte team safely restarted ramp-up at the end of September 2024, which has continued
in line with the plan. Commercial production levels are set to be achieved in H2 2025 and steady-state
throughput is expected in Q4 2025. Salares Norte produced 45koz-eq at AISC US$1,901/oz-eq in
Q4 2024. We spent capex of US$389m on Salares Norte during 2024 (2023: US$398m).
We made good progress with the capture and relocation of chinchillas during Q4 2024. The
programme was reinstated on 3 October 2024, following the expiry of the urgent and transitional
measure issued by Chile’s Superintendence of Environment, which ordered the suspension of
dismantling activities at Rockery 3. During November 2024, one chinchilla was successfully captured
and relocated from Rockery 3. After no further chinchilla sightings, dismantling of Rockery 3 started in
December 2024 and was completed in early January 2025. As a result, the area demarcated for waste
material from the Brecha Principal ore body is now clear of any identified chinchilla habitats and
placement of waste in the area has commenced.
Outlook
We expect 2025 gold-equivalent production to be between 325koz-eq – 375koz-eq at AISC of
US$935/oz-eq – US$1,100/oz-eq. 2026 is set to be the first full year of steady-state production, with
the mine expecting to produce 550koz-eq – 580koz-eq at AISC of US$825/oz – US$875/oz.
2025 guidance
2024 actual
2024 guidance (revised)
Production
(koz-eq)
AIC
(US$/oz)
Production
(koz-eq)
AIC
(US$/eq-oz)
Production
(koz-eq)
AIC
(US$/eq-oz)
325 – 375
1,115 – 1,285
45
12,058
40 – 50
1,790 – 1,850
GOLD FIELDS Integrated Annual Report 2024
76
2024 performance
Strategic
pillar 1
Strategic
pillar 2
Strategic
pillar 3
Deliver safe, reliable
and cost-effective
operations
Deliver positive social
and environmental
impact
Grow the value and
quality of our portfolio
of assets
• Zero fatalities or serious injuries
• TRIFR of 1.2
• Achieved revised 2024 guidance of 45koz after weather-
related delays up to Q3 2024
• Capex of US$389m to complete construction
• 501 employees and 2,834 contractors – 27% of our people
are employed from our host community
• 26% of employees are women
• Chinchilla capture and relocation programme successfully
implemented after ban lifted in Q4 2024
• Gold Mineral Resources of 0.22Moz and Mineral Reserves
of 3.42Moz
• Spent US$11m on greenfields exploration to extend life
beyond the current 10-year LOM
Gold Mineral Reserves at our newest mine,
Salares Norte, remained stable at 3.416Moz in
2024, as production of 45koz – all in Q4 2024 –
was balanced by new discoveries. Silver Mineral
Reserves improved from 41.94Moz to 46.01Moz
as mined depletion of 5.87Moz was matched by
growth of 9.94Moz. Brownfields exploration was
focused around three major areas: Agua Amarga
Extension, the Low Baker Target and Brecha
Principal Sulfides.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Performance of our operations continued
Cerro Corona
Cerro Corona is a gold-copper open-pit mine in northern Peru’s Cajamarca region. The operation, 99.53% owned by Gold Fields, produces gold and copper concentrates for global export. As mining at Cerro Corona
nears completion, the focus is shifting towards processing stockpiles and depositing tailings in the pit.
Key developments during 2024
Gold-equivalent production decreased by 28% to 173koz in 2024 from 239koz in 2023 as mining was
re-sequenced to address the North wall stability in H1 2024. The lower price factor as a result of the
increased gold price in relation to the copper price also had a negative impact on equivalent
production in 2024.
AIC per equivalent ounce increased by 38% to US$1,585/eq-oz in 2024 from US$1,146/eq-oz in 2023
due to lower equivalent ounces sold and a lower gold inventory credit to cost, as well as a lower
copper by-product credit to cost.
Total capex decreased by 24% to US$34m in 2024 from US$44m in 2023, mainly due to completing
TSF construction in 2023.
FCF decreased by 11% to US$66m in 2024 from US$75m in 2023, mainly driven by lower equivalent
ounces sold.
Outlook
Cerro Corona will enter its final year of mining in 2025, with gold-equivalent production anticipated to
decline to 162koz. From 2026 onwards, the mine will process stockpiles, gradually reducing output
until the end of the planned life of mine in 2031.
2025 guidance
2024 actual
2024 guidance
2023 actual
Gold-only production
93koz
88koz
97koz
122koz
Copper production
22.0kt
22.3kt
24.2kt
26.7kt
Gold-equivalent production
162koz
173koz
197koz
239koz
AIC
US$1,235/oz
US$905/oz
US$735/oz
US$536/oz
AIC eq-oz
US$1,730/oz
US$1,585/oz
US$1,310/oz
US$1,146/oz
GOLD FIELDS Integrated Annual Report 2024
77
2024 performance
Strategic
pillar 1
Strategic
pillar 2
Strategic
pillar 3
Deliver safe, reliable
and cost-effective
operations
Deliver positive social
and environmental
impact
Grow the value and
quality of our portfolio
of assets
• Zero fatalities or serious injuries
• TRIFR of 0.2
• Adjusted FCF of US$66m
• North Wall stability in pit addressed
• 404 employees and 1,712 contractors – 34% of our people
are employed from our host community
• 28% of employees are women
• 48kt CO2e Scope 1 and 2 carbon emissions
• Approval of Environmental Impact Assessment to 2031
• Gold Mineral Reserves of 0.59Moz
• Last year of mining in 2025 before waste processing
until 2031
• Exploration in vicinity ongoing, but unsuccessful to date
With active mining at Cerro Corona coming to an
end in 2025, no new Mineral Reserves are being
added at the mine. Mine depletion accounted for
the 149koz decline in Gold Mineral Reserves to
597koz in 2024. Copper Mineral Reserves
dropped by 64Mlb to 271Mlb during the year.
Brownfields exploration is focused on the Nueva
Esperanza project, with surface access
negotiations ongoing with local communities.
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Performance of our operations continued
Windfall project
Windfall is a high-grade underground gold project located in Québec, Canada, one of the world’s premier mining jurisdictions. In October 2024, Gold Fields acquired 100% of Osisko Mining to secure full ownership of
Windfall. The project, currently in the advanced development stage, will become a cornerstone of Gold Fields’ portfolio as it progresses to production.
Key developments during 2024
Gold Fields first acquired 50% of the Windfall project in Québec, Canada in May 2023 by entering into
a 50/50 JV with Osisko Mining. In October 2024 Gold Fields completed a transaction to acquire 100%
of the outstanding shares of Osisko Mining, paying C$2.02bn (US$1.45bn) net of cash received, in
settlement of the transaction. The transaction consolidates 100% ownership of the Windfall project and
its entire exploration district (approximately 2,500km2) in Québec, Canada. It also eliminated our
obligation of a C$300m deferred cash payment and the C$75m exploration commitment, which formed
part of the original JV agreement.
At steady state, Windfall is expected to add 300koz per annum to Gold Fields’ production profile at an
AIC and AISC that is materially lower than the Group average – improving our position on the industry
cost curve.
Key members of the Windfall team were retained through the transaction, and integration work is
underway. Engagements for the execution of an Impact and Benefits Agreement with the Cree First
Nation of Waswanipi and the Cree Nation Government are also ongoing.
Outlook
We are focusing on obtaining the required environmental approvals and a Board investment decision
to support full scale construction and mining, which we expect to receive in H2 2025. We are also
progressing the engineering work required ahead of a final investment decision expected in Q1 2026.
Construction of the processing plant is expected to take approximately 18 to 24 months, which will
result in first production in 2028, this being the first year of meaningful contribution from Windfall.
GOLD FIELDS Integrated Annual Report 2024
78
2024 performance1
Strategic
pillar 1
Strategic
pillar 2
Strategic
pillar 3
Deliver safe, reliable
and cost-effective
operations
Deliver positive social
and environmental
impact
Grow the value and
quality of our portfolio
of assets
• Zero fatalities or serious injuries
• Key members of Windfall leadership team retained
• 203 employees and 379 contractors
• 25% of employees are women
• 100% of electricity is sourced from hydropower
• Work ongoing on Impact and Benefits Agreement with the
Cree First Nation of Waswanipi
• To be declared in Gold Fields’ 2025 Mineral Resources and
Mineral Reserves statement following an updated feasibility
study, environmental permitting process and Board
approval
• Drilling at the Quévillon and Phoenix JV projects
progressing
1 Since Windfall is still a project, non-financial data is not assured
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Mineral Resources and Mineral Reserves summary
Managing our Mineral Resources and Mineral Reserves is central to
achieving our strategic goals. In 2024, Gold Fields maintained its focus
on near-mine exploration to extend mine life. While we could not fully
replace all mined Mineral Reserves through exploration and
extensional drilling, we made significant additions that mitigated the
impact of depletion. Our successful exploration at St Ives’ Invincible
Underground resulted in a 1.1Moz pre-depletion Reserve discovery.
Replacement of Mineral Reserves through extensional drilling and
exploration is a multi-year endeavour, and replacement rates will
naturally fluctuate. Gold Fields remains committed to a structured
Mineral Reserve replacement strategy.
Cost pressures and mining depletion contributed to some operations’
net decline in Mineral Resources and Mineral Reserves. To address
this, we are conducting studies on AO, project ramp-ups, mine
expansions and operational efficiencies. In 2025, we will focus on
targeted exploration and extensional drilling to further define and grow
our Mineral Resource and Mineral Reserve base.
In 2024, we applied gold price assumptions of US$1,725/oz for Mineral
Resources and US$1,500/oz for Mineral Reserves, alongside updated
exchange rates for the Australian Dollar and South African Rand.
These changes influenced local currency gold prices.
For more information, refer to our 2024 Mineral Resources and
Mineral Reserves Supplement.
Across our operations, we continue to prioritise Mineral Resource-to-
Mineral Reserve conversion, sustainable Mineral Reserve growth, and
operational efficiency. These efforts aim to offset annual depletion,
improve cash-flow and cost per ounce, and unlock strategic
opportunities to extend mine life.
2024 performance
The LOM Mineral Reserves encompass the first two years of the
business plan schedule. As of the end of 2024, the Group’s
attributable Proved and Probable Mineral Reserves are estimated
at 44.3Moz gold (2023: 44.6Moz), 271Mlbs copper (2023: 336Mlbs)
and 46.0Moz silver (2023: 41.9Moz).
Gold Mineral Reserves decreased by 0.4Moz, net of annual depletion
of approximately 2.0Moz. Copper Mineral Reserves decreased by
65Mlbs, primarily due to a net depletion of 58Mlbs. In contrast, silver
Mineral Reserves at Salares Norte increased by 4Moz.
Attributable Mineral Reserves saw notable increases, particularly at
St Ives, where exploration added 0.7Moz (+28%), net of annual
depletion. Granny Smith and Agnew successfully replaced production,
while decreases were recorded at Gruyere (-0.1Moz, -6%), South Deep
(-0.2Moz, -1%), Tarkwa (-0.5Moz, -12%) and Cerro Corona (-0.2Moz,
-20%), all including annual depletion. Salares Norte showed no
material change.
Silver Mineral Reserves at Salares Norte grew by 4Moz (+10%), while
copper Mineral Reserves at Cerro Corona declined by 65Mlbs (-19%).
Meanwhile, Damang was removed from Mineral Reserves (though it is
still in Mineral Resources), as its remaining stockpiles no longer met
Gold Fields’ conservative Mineral Reserve economic criteria.
Group attributable Measured and Indicated Mineral Resources
exclusive of Mineral Reserves (EMR) amounted to 30.4Moz gold
(2023: 30.3Moz) and 2.8Moz silver (2023: 2.2Moz). Inferred Mineral
Resources EMR were 11.6Moz gold (2023: 10.2Moz) and 0.1Moz silver
(2023: 0.1Moz).
Gold Measured and Indicated Mineral Resources increased across
several operations, including Granny Smith (+0.1Moz, +6%), Gruyere
(+0.2Moz, +38%), St Ives (+0.04Moz, +4%), Agnew (+0.1Moz, +12%),
Tarkwa (+0.3Moz, +7%), and Damang (+0.3Moz, +12%), while South
Deep showed no material change. Silver Measured and Indicated
Mineral Resources at Salares Norte grew by 0.7Moz (+31%).
Growth in Inferred Mineral Resources was also recorded, with Gruyere
(+0.5Moz, +75%), Granny Smith (+0.1Moz, +10%), St Ives (+0.7Moz, +64%)
and Damang (+0.2Moz, +37%) contributing to the 1.4Moz overall
increase in gold Inferred Resources. Tarkwa showed no material
change, while silver at Salares Norte decreased by 0.03Moz (-35%).
In October 2024, Gold Fields acquired 100% of Osisko Mining,
securing full ownership of the Windfall project. The project’s Mineral
Resources and Mineral Reserves will be incorporated into the 2025
Group estimates following an updated feasibility study and
environmental permitting process.
Governance
This consolidated summary of Gold Fields’ Mineral Resources and
Mineral Reserves should be read alongside the Mineral Resources and
Mineral Reserves Supplement and Form 20-F, both available on our
website. The Mineral Resources and Mineral Reserves Supplement
provides detailed technical information on our year-end Mineral
Resources and Mineral Reserves. It is prepared in accordance with the
South African Code for the Reporting of Exploration Results, Mineral
Resources, and Mineral Reserves, 2016 edition, as well as other
leading global standards, including the US SEC’s SK-1300. Additional
technical details can be found in the Technical Report Summaries,
which are filed as exhibits to our Form 20-F.
While differences in formatting exist due to varying regulatory
requirements, the core information remains consistent across these
documents. The Mineral Resources and Mineral Reserves statements
were prepared under supervision of Group Competent Persons Alex
Trueman and Jason Sander, both members of Gold Fields’ Corporate
Technical Services team. They consent to the disclosure of these
statements in the form they are presented. Further details on their
qualifications and affiliations are provided in the Mineral Resources
and Mineral Reserves Supplement.
GOLD FIELDS Integrated Annual Report 2024
79
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Mineral Resources and Mineral Reserves estimates
as at 31 December 2024
Attributable Mineral Reserves
31 December 2024
31 December 2023
Gold
Category
Tonnes
(Mt)
Grade
(g/t)
Gold
(koz)
Tonnes
(Mt)
Grade
(g/t)
Gold
(koz)
Australia
Gruyere
Proved and Probable
41.6
1.29
1,727
45.6
1.25
1,832
Granny Smith
Proved and Probable
11.5
6.44
2,389
12.0
6.21
2,390
St Ives
Proved and Probable
29.0
3.59
3,347
24.1
3.37
2,610
Agnew
Proved and Probable
4.6
6.60
972
4.0
6.82
872
Total Australia
Proved and Probable
86.7
3.03
8,435
85.7
2.80
7,704
South Africa
South Deep
Proved and Probable
175.2
4.97
27,998
178.2
4.93
28,239
Total South Africa
Proved and Probable
175.2
4.97
27,998
178.2
4.93
28,239
Ghana
Damang
Proved and Probable
7.3
0.83
194
Tarkwa – open pits
Proved and Probable
70.5
1.24
2,819
85.7
1.22
3,370
Tarkwa – stockpiles
Proved and Probable
67.5
0.47
1,018
65.9
0.46
978
Tarkwa – total
Proved and Probable
138.0
0.86
3,838
151.6
0.89
4,348
Total Ghana
Proved and Probable
138.0
0.86
3,838
158.9
0.89
4,542
Peru and Chile
Salares Norte
Proved and Probable
19.8
5.36
3,415
18.1
5.86
3,416
Cerro Corona
Proved and Probable
38.5
0.48
597
45.4
0.51
749
Total Chile and Peru
Proved and Probable
58.3
2.14
4,012
63.6
2.04
4,165
Gold Fields operations
– total gold
Proved and Probable
458.2
3.01
44,283
486.3
2.86
44,649
Attributable Mineral Reserves
31 December 2024
31 December 2023
Silver
Tonnes
(Mt)
Grade
(g/t)
Silver
(koz)
Tonnes
(Mt)
Grade
(g/t)
Silver
(koz)
Chile
Salares Norte
Proved and Probable
19.8
72.2
46,013
18.1
71.9
41,941
Total Chile silver
Proved and Probable
19.8
72.2
46,013
18.1
71.9
41,941
Copper
Tonnes
(Mt)
Grade
(% copper)
Copper
(Mlb)
Tonnes
(Mt)
Grade
(% copper)
Copper
(Mlb)
Peru
Cerro Corona
Proved and Probable
38.5
0.32
271
45.4
0.34
336
Total Peru
copper
Proved and Probable
38.5
0.32
271
45.4
0.34
336
GOLD FIELDS Integrated Annual Report 2024
80
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Mineral Resources and Mineral Reserves estimates continued
as at 31 December 2024
Australia
Gruyere
M&ID2
16.1
1.42
735
12.1
1.37
533
Gruyere
IF3
21.8
1.52
1,061
12.6
1.49
606
Granny Smith
M&ID
15.4
4.87
2,414
15.3
4.64
2,284
Granny Smith
IF
8.1
5.63
1,475
8.2
5.13
1,345
St Ives
M&ID
12.0
2.69
1,033
8.8
3.53
994
St Ives
IF
11.8
4.48
1,703
8.4
3.86
1,038
Agnew
M&ID
6.6
4.77
1,009
6.3
4.46
899
Agnew
IF
3.8
4.47
545
4.1
4.27
564
Total Australia
M&ID
50.1
3.22
5,191
42.5
3.45
4,710
Total Australia
IF
45.5
3.27
4,784
33.3
3.32
3,553
South Africa
South Deep
M&ID
130.6
4.54
19,046
135.9
4.57
19,980
South Deep
IF
20.4
9.10
5,958
20.4
9.10
5,964
Total South Africa
M&ID
130.6
4.54
19,046
135.9
4.57
19,980
Total South Africa
IF
20.4
9.10
5,958
20.4
9.10
5,964
Ghana
Damang
M&ID
38.8
1.82
2,271
32.7
1.92
2,019
Damang
IF
9.9
2.17
692
7.3
2.16
506
Tarkwa – open pits
M&ID
86.2
1.32
3,650
78.4
1.35
3,399
Tarkwa – open pits
IF
4.2
1.38
187
4.1
1.37
181
Tarkwa – stockpiles
M&ID
0.1
0.35
1
0.1
0.35
1
Tarkwa – stockpiles
IF
Tarkwa – total
M&ID
86.3
1.32
3,651
78.5
1.35
3,400
Tarkwa – total
IF
4.2
1.38
187
4.1
1.37
181
Total Ghana
M&ID
125.1
1.47
5,923
111.2
1.52
5,419
Total Ghana
IF
14.2
1.93
879
11.4
1.88
688
Attributable Mineral Resources EMR1
31 December 2024
31 December 2023
Gold
Category
Tonnes
(Mt)
Grade
(g/t)
Gold
(koz)
Tonnes
(Mt)
Grade
(g/t)
Gold
(koz)
Attributable Mineral Resources EMR1
31 December 2024
31 December 2023
Gold
Category
Tonnes
(Mt)
Grade
(g/t)
Gold
(koz)
Tonnes
(Mt)
Grade
(g/t)
Gold
(koz)
Chile and Peru
Salares Norte – Chile
M&ID
2.9
2.32
216
2.3
2.30
170
Salares Norte – Chile
IF
0.2
1.52
10
0.2
1.57
10
Cerro Corona – Peru4
M&ID
Cerro Corona – Peru4
IF
Total Chile and Peru
M&ID
2.9
2.32
216
2.3
2.30
170
Total Chile and Peru
IF
0.2
1.52
10
0.2
1.57
10
Gold Fields operations – total
gold
M&ID
308.6
3.06
30,375
291.8
3.23
30,278
Gold Fields operations – total
gold
IF
80.3
4.51
11,631
65.3
4.87
10,215
Attributable Mineral Resources EMR1
31 December 2024
31 December 2023
Silver
Category
Tonnes
(Mt)
Grade
(g/t)
Silver
(koz)
Tonnes
(Mt)
Grade
(g/t)
Silver
(koz)
Chile
Salares Norte
M&ID
2.9
30.5
2,832
2.3
29.4
2,168
Salares Norte
IF
0.2
8.3
56
0.2
13.5
86
Category
Tonnes
(Mt)
Grade
(% copper)
Copper
(Mlb)
Tonnes
(Mt)
Grade
(% copper)
Copper
(Mlb)
Copper
Peru
Cerro Corona
M&ID
Cerro Corona
IF
1 Mineral Resources excluding Mineral Reserves
2 Measured and Indicated
3 Inferred
4 Cerro Corona resources for 2023 are at zero due to limitations on placing in-pit tailings
GOLD FIELDS Integrated Annual Report 2024
81
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Exploration
Gold Fields views exploration as one of the most cost-effective ways of adding Mineral Reserves and
extending the lives of our mines.
We have had great success with our brownfields exploration efforts over the years – particularly in Australia,
where we built the production base to 1Moz per annum and extended the average LOM to eight years.
More recently, we reinvigorated our focus on greenfields activities as a component of our exploration
strategy through targeted expansion within the regions we already operate. In this, we are looking to emulate
our discovery-to-construction success at Salares Norte, for example. We also continue to screen for
prospective early-stage opportunities that could include a wider selection of regions, based on strict criteria.
We will only action discrete, value-accretive opportunities on a case-by-case basis, including 100%
acquisition, JV earn-in arrangements and strategic equity placements.
Near-mine (brownfields) exploration
Near-mine exploration is critical to Gold Fields’ strategy and has played an important role in building and
maintaining a robust production profile across the regions. Brownfields exploration, which includes resource
definition drilling but not grade-control, offers one of the lowest-cost opportunities for adding ounces and
improving cash-flow, specifically on a per-share basis.
This is particularly true for our Australian assets, where the average cost of Mineral Reserves ounce addition
was US$51/oz for the three-year period from 2022 to 2024 – making it an extremely efficient use of capital.
Brownfields exploration allows Gold Fields to leverage our operational infrastructure and regional
management teams and enables us to take advantage of our operational capabilities, including our proven
ability to develop and mine orogenic ore bodies.
In 2024, Gold Fields spent US$72m at our mines (2023: US$95m, excluding Asanko) and a further US$12m in
district exploration near our Windfall project, which supported a total of 294km of drilling (2023: 299km). We
incurred the majority of this spending – A$80m (US$53m) (2023: A$84m (US$56m)) – at our Australian mines.
Our exploration spend in Chile was US$11m in 2024 (2023: US$30m), with the focus on adding life to Salares
Norte, and US$4m in Ghana (2023: US$6m, excluding Asanko).
For 2025, we planned US$104m for near-mine exploration and Mineral Resource conversion. Of this,
US$65m is expected to be spent at our Australian operations, US$15m at Salares Norte in Chile and US$19m
at the Windfall project in Canada.
The details of the near-mine exploration activities at our operations are included on p69 – 78.
Greenfields exploration
Greenfields exploration has become a prominent part of our growth strategy by ensuring a pipeline of high-
quality, early-stage opportunities to sustain our production profile. Our exploration team drives disciplined
growth in existing jurisdictions while actively screening for new opportunities under defined parameters.
Gold Fields’ exploration portfolio includes 100% landholdings and JVs in Australia, Chile and Peru,
complemented by strategic equity positions in Tesoro Gold (17.5%), Torq Resources (14.9%), Chakana Copper
(17.2%), Hamelin Gold (14.9%), Killi Resources (10.9%) and Great Southern Mining (4.7%).
With the acquisition of Osisko Mining, we also inherited a portfolio of listed holdings, including a 20.7%
interest in Vior Mining and a 15.6% interest in O3 Mining. The interest in O3 Mining was sold to Agnico Eagle
on 23 January 2025 for C$31m (US$21m).
In Québec, Canada, drilling at the Quévillon and Phoenix JV projects (70/30 earn-in with Bonterra, inherited
from Osisko) targeted early-stage prospects to unlock the belt’s potential. Ongoing geophysical surveys and
generative work will drive an expanded 2025 exploration programme.
In Chile, we made progress with the Santa Cecilia JV by finalising a definitive earn-in agreement with Torq
Resources for the option to earn up to 75% in the Santa Cecilia project. Priority drilling for 6,000m is set for
H1 2025 to advance this high-potential copper-gold prospect. Additionally, a maiden 5,000m drilling
programme began at the 100%-owned landholding near Salares Norte.
In Q4 2024, exploration activities advanced across Australia. Our JVs, including Edinburgh Park (Great
Southern Mining), East Lachlan (Gold and Copper Resources) and West Tanami (Killi Resources), made good
progress in land access. We completed geochemical, airborne and ground geophysics surveys, paving the
way for increased activity in 2025.
Our greenfields portfolio is displayed in the map on the next page.
Non-core investments
Gold Fields’ strategy is premised on continually improving the quality of our production base. This not only
entails acquiring assets that will enhance the quality of the portfolio but also disposing of assets which we
view as non-core or not in line with our long-term strategy.
During 2024, we streamlined the portfolio by:
• Selling our 24% interest in Rusoro Mining in January for an upfront consideration of US$62m
• Selling a 45% stake in the Asanko Gold Mine in March for gross proceeds of US$170m, comprising
US$65m in cash, three deferred cash payments and a 19.9% shareholding in Galiano. The value of this
holding was US$63m at the end-December 2024 based on Galiano’s share price on the TSX
• Completing the sale of our 40% stake and terminating our option agreement to buy an additional 20% in
the Far Southeast asset in the Philippines. While the asset had been fully impaired in Gold Fields’ books,
we received an upfront payment of US$1m together with a US$10m contingent consideration
Other strategic investments include a 30.5% stake in Lunnon Metals, valued at A$16.6m at end-December
2024, and a 0.3% share in Mineral Resources valued at A$22.4m.
GOLD FIELDS Integrated Annual Report 2024
82
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Exploration continued
Investment
Commodity
Gold Fields holding
Value (31 Dec 2024)
Status
Hamelin Gold
Gold
14.86%
A$1.4m
Hamelin Gold ramps-up West Tanami drilling – new gold zones and fresh targets
Great Southern Mining
Gold
4.67%
A$0.9m
A$15m JV to advance the Edinburgh Park project – new targets identified, drilling planned for H2 2025
Lefroy Exploration
Gold
8.84%
A$1.5m
A 50/50 JV between Lefroy and Gold Fields owns land adjacent to our St Ives gold mine in Western Australia
Killi Resources
Gold
10.94%
A$0.8m
West Tanami JV – land access advanced, with A$13m (US$8.6m) earn-in underway and regional geophysics surveys completed
Chakana Copper
Gold, copper
17.18%
C$0.9m
Chakana Reshapes Soledad: drops Condor Concessions, focuses on high-grade targets
Torq Resources
Gold, copper
14.87%
C$1.0m
Torq Resources and Gold Fields finalise Santa Cecilia JV – up to US$48m investment for 75% stake; drilling started in February 2025
Tesoro Gold
Gold
17.54%
A$6.6m
Gold Fields funding directed to regional exploration to uncover new targets at the El Zorro project
Vior Inc (Associate)
Gold
20.68%
C$12.5m
Belleterre Gold project accelerated with new leadership, US$4.9m funding, and high-grade gold discoveries
Bonterra Resources
Gold
n/a
n/a
Drilling at the Quévillon and Phoenix JV projects to earn up to 70%, for C$30m spend over three years targeting early-stage prospects to
unlock Windfall district scale potential
GOLD FIELDS Integrated Annual Report 2024
83
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
GOLD FIELDS Integrated Annual Report 2024
84
Employees and stakeholders at our mines in
Peru, South Africa and Ghana
Independent Auditor’s Assurance
Report on the Selected Sustainability
Information in Gold Fields Limited
Integrated Annual Report
85
Administration and corporate
information
89
In this section
Assurance
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Independent Auditor’s Reasonable Assurance Report on the Selected Sustainability Information in Gold Fields Limited
Integrated Annual Report
To the Directors of Gold Fields Limited
We have undertaken a reasonable assurance engagement in respect of the selected sustainability information,
as described below, and presented in the 2024 Integrated Annual Report of Gold Fields Limited (the
‘Company’, “Gold Fields” or “you”) for the year ended 31 December 2024 (the Report). This engagement was
conducted by a multidisciplinary team including specialists with relevant experience in sustainability reporting.
Subject Matter
We have been engaged to provide a reasonable assurance opinion in our report on the following selected
sustainability information, marked with a ‘RA’ on the relevant pages in the Report. The selected sustainability
information described below have been prepared in accordance with the Company’s reporting criteria that
accompanies the sustainability information on the relevant pages of the Report (the accompanying Company
reporting criteria).
Reasonable assurance
Number
Selected sustainability information
Unit of measurement
Boundary
Page reference
1
Total CO2-equivalent emissions, Scope 1 – 2
ktCO2e
Gold Fields Group
9, 59
2
Total CO2-equivalent emissions, Scope 3
ktCO2e
Gold Fields Group
21, 59
3
Energy consumption
PJ
Gold Fields Group
8, 59, 60
4
Total CO2-equivalent emissions avoided from initiatives
ktCO2e
Gold Fields Group
59
5
Total energy saved from initiatives
PJ
Gold Fields Group
59
6
Reduction of absolute Scope 1 and 2 carbon emissions (carbon abatement) through renewable projects
ktCO2e
Gold Fields Group
68
7
Number of environmental incidents – Level 2 and serious incidents (Level 3 – 5)
Number of incidents
Gold Fields Group
57
8
Total water withdrawal
GL
Gold Fields Group
8, 62
9
Total water withdrawal per tonnes processed
L/tonne
Gold Fields Group
62
10
Freshwater withdrawal
GL
Gold Fields Group
62
11
Percentage of water recycled or reused
Percentage
Gold Fields Group
9, 21, 62, 68
12
Total water consumed (withdrawal – discharge)
GL
Gold Fields Group
62
13
Number of cases of Silicosis reported
Number of cases
Gold Fields Group
9, 42
14
Number of cases of Noise Induced Hearing Loss reported (NIHL)
Number of cases
Gold Fields Group
42
15
Number of cases of Malaria tested positive per annum (Ghana only)
Number of positive cases
West Africa
42
16
Number of South African and West African (Ghana) employees in the HAART programme (cumulative)
Number of employees
South Africa and West Africa
42
17
Percentage of South African and West African (Ghana) workforce on the voluntary counselling and testing (VCT) programme
Percentage of workforce
South Africa and West Africa
42
18
Total recordable injury frequency rate (TRIFR): Employees, Contractors, Total
Rate
Gold Fields Group
39
19
Serious injuries
Number of serious injuries
Gold Fields Group
7, 9, 39
20
Lost time injury frequency rate (LTIFR): Employees, Contractors, Total
Rate
Gold Fields Group
39
21
Near miss incidents
Number of near miss incidents
Gold Fields Group
39
22
Total socio-economic development (SED) spend
USD
Gold Fields Group
8, 24, 25, 46, 49
23
Host community workforce (number)
Number (employees + contractors)
Gold Fields Group
48
24
Percentage of host community workforce employment of total workforce
Percentage
Gold Fields Group
9, 21, 38, 48
25
Percentage of women employee representation as of 31 December 2024
Percentage
Gold Fields Group
7, 9, 21, 38, 44, 68
26
Host community procurement spend (USD) and percentage of host community procurement spend (of total procurement spend)
USD, percentage
Gold Fields Group
9, 46, 48
27
Group Host Community Value Creation and Host Community Value Creation as a % of total value creation
USD, percentage
Gold Fields Group
8, 21, 25, 46, 47
28
Total value created and distributed (by country, stakeholder and total)
USD
Gold Fields Group
8, 9, 21, 24, 26, 47, 52
29
Whether Gold Fields’ assertions relating to the ICMM Subject Matters (Subject Matters 1 – 5) are fairly presented in the Report, in all
material respects, in accordance with the reporting criteria
Qualitative
Gold Fields Group
3
30
Revolving Credit Facility (RCF) Requirement. Whether Gold Fields assertions relating to independent verification are fairly presented in
the Report, in all material respects, in accordance with the reporting criteria.
Qualitative
Gold Fields Group
68
GOLD FIELDS Integrated Annual Report 2024
85
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Independent Auditor’s Reasonable Assurance Report on the Selected Sustainability Information in Gold Fields Limited Integrated Annual Report continued
Mining Charter
Selected sustainability information
Unit
Boundary
Page reference
Employment equity
HDSAs in management (in proportion to applicable demographics) made up of:
Board: 50% black persons with exercisable voting rights, of which 20% must be black women
Board: Percentage black persons
South Deep
55
Board: Percentage black women
South Deep
55
Executive/top management: 50% black persons of which 15% must be black women
Exec: Percentage black persons
South Deep
55
Exec: Percentage black women
South Deep
55
Senior: 50% black persons of which 15% must be black women
Senior: Percentage black persons
South Deep
55
Senior: Percentage black women
South Deep
55
Middle: 60% black persons of which 20% must be black women
Middle: Percentage black persons
South Deep
55
Middle: Percentage black women
South Deep
55
Junior: 70% black persons of which 25% must be black women
Junior: Percentage black persons
South Deep
56
Junior: Percentage black women
South Deep
56
Employees with disabilities: 1.5% as a percentage of all employees
Disabilities: Percentage
South Deep
56
Core/critical skills: 50% black persons
Core skills: Percentage
South Deep
56
GOLD FIELDS Integrated Annual Report 2024
86
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Independent Auditor’s Reasonable Assurance Report on the Selected Sustainability Information in Gold Fields Limited Integrated Annual Report continued
Inclusive procurement
Unit
Boundary
Page reference
Mining goods
70% of procurement spend on goods (excluding non-discretionary spend) must be on South African manufactured goods, proportioned as follows regarding the manufacturing:
21% by HDPs owned and controlled company
Percentage procured from HDPs owned
and controlled company
South Deep
55
5% by women OR by young owned and controlled company
Percentage women OR by young owned
and controlled company
South Deep
55
44% by BEE compliant company
Percentage procured from BEE-compliant
company
South Deep
55
Mining services
80% of procurement spend on services (excluding non-discretionary spend) must be sourced from South African companies, proportioned as follows:
50% on HDPs owned and controlled company
Percentage discretionary spend on HDPs
owned and controlled company
South Deep
55
15% on women owned and controlled company
Percentage discretionary spend on
women owned and controlled company
South Deep
55
5% on youth owned and controlled company
Percentage discretionary spend on youth
South Deep
55
10% on BEE compliant company
Percentage discretionary spend on BEE
compliant company
South Deep
55
Research and Development
Research and Development budget spent of which 70% must be spent on SA-based R&D entities
R-value of spend
South Deep
55
We refer to this as the “selected sustainability information”.
GOLD FIELDS Integrated Annual Report 2024
87
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Independent Auditor’s Reasonable Assurance Report on the Selected Sustainability Information in Gold Fields Limited Integrated Annual Report continued
Management’s responsibilities
The Executive Vice President: Sustainability,
representing management and Gold Fields Limited,
is responsible for the selection, preparation and
presentation of the selected sustainability
information in accordance with the accompanying
reporting criteria as set out at https://
www.goldfields.com/sustainability-performance.php
(the “Reporting Criteria”).
This responsibility includes:
• the identification of stakeholders and
stakeholder requirements, material issues,
commitments with respect to sustainability
performance, and
• the design, implementation and maintenance of
internal control relevant to the preparation of the
Report that is free from material misstatement,
whether due to fraud or error.
Management is also responsible for determining
the appropriateness of the measurement and
reporting criteria in view of the intended users of
the selected sustainability information and for
ensuring that those criteria are publicly available
to the Report users.
Inherent limitations
Non-financial performance information is subject to
more inherent limitations than financial information,
given the characteristics of the subject matter and
the methods used for determining, calculating,
sampling and estimating such information. The
absence of a significant body of established
practices on which to draw allows for the selection
of different but acceptable measurement
techniques which can result in materially different
measurements and can impact comparability.
Qualitative interpretations of relevance, materiality
and the accuracy of data are subject to individual
assumptions and judgements. The precision of
different measurement techniques may also vary.
Furthermore, the nature and methods used to
determine such information, as well as the
measurement criteria and the precision thereof,
may change over time.
In particular, where the information relies on carbon
and other emissions conversion factors derived by
independent third parties, or internal laboratory
results, our assurance work will not include
examination of the derivation of those factors and
other third party or laboratory information.
Our Independence and Quality
Management
We have complied with the independence and
other ethical requirements of the Code of
Professional Conduct for Registered Auditors,
issued by the Independent Regulatory Board for
Auditors’ (IRBA Code), which is founded on
fundamental principles of integrity, objectivity,
professional competence and due care,
confidentiality and professional behaviour. The
IRBA Code is consistent with the corresponding
sections of the International Ethics Standards Board
for Accountants’ International Code of Ethics for
Professional Accountants (including International
Independence Standards).
The firm applies the International Standard on
Quality Management 1, Quality Management for
Firms that Perform Audits or Reviews of Financial
Statements, or Other Assurance or Related
Services Engagements, which requires the firm to
design, implement and operate a system of quality
management, including policies or procedures
regarding compliance with ethical requirements,
professional standards and applicable legal and
regulatory requirements.
Our responsibility
Our responsibility is to express a reasonable
assurance opinion on the selected sustainability
information based on the procedures we have
performed and the evidence we have obtained.
We conducted our assurance engagement in
accordance with the International Standard on
Assurance Engagements 3000 (Revised),
Assurance Engagements other than Audits or
Reviews of Historical Financial Information
(ISAE 3000 (Revised)), and, in respect of
greenhouse gas emissions, International Standard
on Assurance Engagements 3410, Assurance
Engagements on Greenhouse Gas Statements
(ISAE 3410), issued by the International Auditing
and Assurance Standards Board. These Standards
require that we plan and perform our engagement
to obtain reasonable assurance about whether the
selected sustainability information are free from
material misstatement.
A reasonable assurance engagement in
accordance with ISAE 3000 (Revised), and
ISAE 3410, involves performing procedures to
obtain evidence about the measurement of the
selected sustainability information and related
disclosures in the Report. The nature, timing and
extent of procedures selected depend on the
auditor’s professional judgement, including the
assessment of the risks of material misstatement
of the selected sustainability information, whether
due to fraud or error.
In making those risk assessments we have
considered internal control relevant to the
Company’s preparation of the selected
sustainability information. A reasonable assurance
engagement also includes:
• Evaluating the appropriateness of quantification
methods, reporting policies and internal
guidelines used and the reasonableness of
estimates made by the Company;
• Assessing the suitability in the circumstances of
the Company’s use of the applicable reporting
criteria as a basis for preparing the selected
sustainability information; and
• Evaluating the overall presentation of the
selected sustainability performance information.
We believe that the evidence we have obtained
is sufficient and appropriate to provide a basis for
our opinion.
Reasonable Assurance Opinion
In our opinion and subject to the inherent
limitations outlined elsewhere in this report, the
selected sustainability information as set out in the
Subject Matter paragraph above for the year ended
31 December 2024 are prepared, in all material
respects, in accordance with the reporting criteria.
Other Matters
The maintenance and integrity of Gold Fields
Limited’s website is the responsibility of Gold Fields
Limited’s management. Our procedures did not
involve consideration of these matters and,
accordingly, we accept no responsibility for any
changes to either the information in the Report or
our independent assurance report that may have
occurred since the initial date of presentation on
Gold Fields Limited’s website.
Restriction of liability
Our work has been undertaken to enable us to
express a reasonable assurance opinion on the
selected sustainability information to the directors
of the Company in accordance with the terms of
our engagement, and for no other purpose. We do
not accept or assume liability to any party other
than the Company, for our work, for this report, or
for the conclusion we have reached. We neither
owe nor accept any duty to any third party, whether
in contract or in delict (including without limitation,
negligence and breach of statutory duty) or
however otherwise arising, and shall not be liable,
in respect of any loss, damage or expense of
whatsoever nature which is caused by the third
party’s usage of our Report.
PricewaterhouseCoopers Inc.
Director: Jameel Essop
Registered Auditor
Johannesburg, South Africa
27 March 2025
GOLD FIELDS Integrated Annual Report 2024
88
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Administration and corporate information
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
JSE, NYSE, DIFX Share code: GFI
Issuer code: GOGOF
ISIN: ZAE000018123
Company Secretary
Anré Weststrate
Tel: +27 11 562 9719
Fax: +27 86 720 2704
Email: anre.weststrate@goldfields.com
Registered Office
Johannesburg
Gold Fields Limited
150 Helen Road
Sandown
Sandton
2196
Postnet Suite 252
Private Bag X30500
Houghton
2041
Tel: +27 11 562 9700
Office of the United Kingdom Secretaries
London
St James’s Corporate Services Limited
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Tel: +44 (0) 20 7796 8644
Email: general@corpserv.co.uk
American depository receipts transfer agent
Shareholder correspondence should be mailed to:
BNY Mellon
PO Box 43006
Providence RI 02940-3078
Overnight correspondence should be sent to:
BNY Mellon
150 Royall Street, Suite 101
Canton, MA 02021
Email: shrrelations@cpushareownerservices.com
Tel: 866 247 3871 Domestic
Tel: 201 680 6825 Foreign
Sponsor
J.P. Morgan Equities South Africa Proprietary Limited
1 Fricker Road
Illovo, Johannesburg 2196
South Africa
Investor and media enquiries
Jongisa Magagula
Tel: +27 11 562 9775
Mobile: +27 82 562 5288
Email: jongisa.magagula@goldfields.com
Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
Email: thomas.mengel@goldfields.com
Transfer secretaries
South Africa
Computershare Investor Services Proprietary Limited
Rosebank Towers
15 Biermann Avenue
Rosebank
Johannesburg
2196
Private Bag X9000
Saxonwold
2132
Tel: +27 11 370 5000
Fax: +27 11 688 5248
United Kingdom
MUFG Corporate Markets (formerly Link Group)
Central Square
29 Wellington Street
Leeds, LSI 4 DL
England
Tel: +44(0) 371 664 0300
Calls are charged at the standard geographic rate and will vary by
provider. Calls outside the United Kingdom will be charged at the
applicable international rate. Lines are open between 09:00 and 17:30,
Monday to Friday excluding public holidays in England and Wales.
Email: shareholderenquiries@cm.mpms.mufg.com
Listings
JSE/NYSE/GFI
Directors: YGH Suleman (Chairperson), MJ Fraser* (CEO), AT Dall
(CFO)*, A Andani#, PJ Bacchus†, ZBM Bassa, MC Bitar@, TP Goodlace,
SL McCrae&, JE McGill^, SP Reid^, PG Sibiya, CAT Smit
South African unless otherwise stated. ˆAustralian, †British, &Canadian, @Chilean,
#Ghanaian, *Executive director
www.goldfields.com
GOLD FIELDS Integrated Annual Report 2024
89
About this report
Who we are
Maintaining good governance
Our business and strategy
Our commitment to responsible mining
Our performance
Assurance
Creating enduring value
beyond mining
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